Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2024-12-31 | 24644000000 | eur |
| ifrs-full:Assets | 2023-12-31 | 22514000000 | eur |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 17295000000 | eur |
| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 15382000000 | eur |
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<mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels contextRef="ctx-5" decimals="2" id="s8__8__23" unitRef="pure">0.18</mrv:PercentageOfUnderrepresentedGenderOtherManagementLevels>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx-2" id="s8__7__10" xml:lang="en">Statutory diversity reporting under Danish law The following constitutes the reporting of our parent company, Vestas Wind Systems A/S, in accordance with section 107d of the Danish Financial Statements Act. Summary of our parent companyâs DEIB Policy Acknowledging that the majority of positions within our parent company is still taken up by male employees (a trend consistent with the broader science, technology, engineering, and mathe-matics (STEM) industries), we are focused on enhancing gender representation. We are committed to achieving gender balance within the companyâs top management. This applies to both non-executive directors at board level, and in the two manage-1ment levels below the Board of Directors (the Board). In the Vestas Group, and hence also in our parent company, we are committed to ensuring that all potential, future, and current employees are guaranteed equitable opportunities and fair treatment, regardless of their gender identity. Our Policy for Diversity, Equity, Inclusion, & Belonging is available at our corporate website.Our parent company diversity target2We have reached equal gender distribution among the board members elected by the shareholders since 2022. If this should change in the future, we will define a new target according to applicable law. 3In 2023, we defined a target of 25 percent for the underrep-resented gender, to be achived by 2025 for Top Management in our parent company, i.e. the two manage ment levels below the Board. By the end of 2024, we have increased the number of women in Top Management to 28 percent. The development was mainly due to new employments and promotions, but also changes in the Vestas organisation during 2024. In 2025, the Board will set a new and ambitious target regarding gender di-versity in the parent company and we will report on the progressin accordance with the new Danish Gender Balance Act which entered into force as per 1 January 2025.We recognise the unique challenges in achieving gender diver-sity, especially in senior management. These challenges stem from the operational demands of many positions in the field and the historical underrepresentation of women in STEM ed-ucations. We are dedicated to overcoming these challenges and attracting more women to senior roles, despite the limited pool of female talent in the industry. Our progress and activities in 2024 Diversity among board members elected by the shareholders On 9 April 2024, our shareholders elected three male and four female board members. In August 2024, one male board mem -ber stepped down. Hence, at the end year, the Board consisted of two male and four female members elected by the share-holders. In accordance with the guidelines from the Danish Busi-ness Authority, this represents gender equity. Therefore, no target is required for the Board. Furthermore, all three board committees have equal gender distribution. Diversity in the two management levels below the Board Championing gender diversity in leadership In 2024, our efforts were concentrated on advancing female representation within senior roles and ensuring a steady in flux of female talent. We remain committed to retaining women in senior positions by maintaining a focus on salary equity and personalised development plans. Additionally, we launched a series of regionally targeted initia-tives aimed at cultivating and securing female leaders, ensuring a strong succession pipeline. These initiatives include early career path programmes, specialised mentorship opportunitiesfor women and regional female networks â one network dedi-cated to our female colleagues in senior leadership positions. Innovating talent acquisition for gender balance In 2024, we are furthering our commitment to creating a bias- aware talent acquisition process. Building on our insights, we crafted a comprehensive plan to incorporate bias-mitigation strategies at crucial stages of recruitment, particularly for stra-tegic roles. Our plan extends beyond our talent acquisition partners to in-clude all hiring managers, ensuring that everyone plays a part in fostering a culture of inclusion and achieving our gender representation goals. Embedding an inclusive leadership mindset Since its launch in 2022, our Inclusive Leadership Programme has been instrumental in equipping our colleagues with the tools necessary to cultivate a culture where everyone can thrive. In 2024, we took this a step further by partnering with an ex-ternal vendor to make the training available to all employees. This new approach ensures the continuation and deepening of our inclusive culture, reaching employees across all levels, from those on the front lines to those in corporate roles. Salary review Our commitment to pay equity also remains firm. In 2024, we have continued the comprehensive training and education for our People & Culture teams. We work extendedly with our Business Partners and Talent Acquisition to ensure responsible pay setting aligned to our policy and objective criteria for pay decisions. In 2024, Vestas has focused specifically on improvements to meet the increasing transparency requirement. This work has included engagement of the members of the Executive Manage- ment team on the key principles and leadership behaviours. On a continuous basis, we undertake salary reviews to measure pay equity across the organisation, as well as in selected focus areas to address any pay disparities and continue attention and correction where needed.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="s8__7__6">vestas.com/en/investor/reporting/2024:</mrv:LinkToCorporateGovernanceReport>
<mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="ctx-1" id="s8__7__25">vestas.com/en/investor/reporting/2024:</mrv:LinkToStatementOfCorporateSocialResponsibility>
<fsa:AverageNumberOfEmployees contextRef="ctx-1" decimals="0" id="s8__7__27" unitRef="pure">32729</fsa:AverageNumberOfEmployees>
<fsa:AverageNumberOfEmployees contextRef="ctx-56" decimals="0" id="s8__8__27" unitRef="pure">29463</fsa:AverageNumberOfEmployees>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="s8__7__29" xml:lang="en">The Board of Directors and the Executive Management have today considered and approved the annual report of Vestas Wind Systems A/S for the financial year 1 January â 31 December 2024. The annual report is prepared in accordance with IFRS Accounting Standards as adopted by the EU and disclosure requirements for listed companies in Denmark. Except for the parent company which is prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Groupâs and the Parentâs financial position at 31 December 2024 as well as of the results of their operations and the Groupâs cash flows for the financial year 1 January â 31 December 2024. In our opinion, the managementâs review is prepared in accordance with relevant laws and regulations and contains a fair review of the development of the Groupâs and the Parentâs business and financial matters, the results for the year and of the Parentâs financial position and the financial position as a whole of the entities included in the consolidated financial statements, together with a description of the principal risks and uncertainties that the Group and the Parent face. The sustainability statement is prepared in accordance with the European Sustainability Reporting Standards (ESRS) as required by the Danish Financial Statements Act as well as article 8 in the EU Taxonomy regulation. Furthermore, in our opinion, the annual report of Vestas Wind Systems A/S for the financial year 1 January â 31 December 2024, with the file name VWS-2024-12-31-0-en.zip is prepared, in all material respects, in accordance with the ESEF Regulation.We recommend the annual report for adoption at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="s8__7__30" xml:lang="en">Aarhus,</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="s8__7__31">2025-02-05</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-42" id="s8__7__32" xml:lang="en">Henrik Andersen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-42" id="s8__7__33" xml:lang="en">Group President & CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-43" id="s8__7__34" xml:lang="en">Rasmus Gram</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-43" id="s8__7__35" xml:lang="en">Executive Vice President & CFO (Interim)</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="s8__7__36" xml:lang="en">Anders Runevad</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-44" id="s8__7__37" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-46" id="s8__7__40" xml:lang="en">Eva Merete Søfelde Berneke</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-48" id="s8__7__42" xml:lang="en">Helle Thorning-Schmidt</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-50" id="s8__7__44" xml:lang="en">Claus Christensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-52" id="s8__7__46" xml:lang="en">Louise B. Schmidt Nielsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="s8__7__38" xml:lang="en">Karl-Henrik Sundström</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-45" id="s8__7__39" xml:lang="en">Deputy Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-47" id="s8__7__41" xml:lang="en">Lena Olving</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-49" id="s8__7__43" xml:lang="en">Henriette H. Thygesen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-51" id="s8__7__45" xml:lang="en">Sussie Dvinge</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-53" id="s8__7__47" xml:lang="en">Michael Abildgaard Lisbjerg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s8__7__49" xml:lang="en">To the shareholders of Vestas Wind Systems A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="s8__7__50" xml:lang="en">OpinionWe have audited the consolidated financial statements and the parent financial statements of Vestas Wind Systems A/S for the financial year 1 January â 31 December 2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including material accounting policy information, for the Group as well as the Parent, and thestatement of comprehensive income and the cash ï¬ow state-ment of the Group. The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional disclosure requirements for listed entities in Denmark, and the parent financial statementsare prepared in accordance with the Danish Financial State-ments Act.In our opinion, the consolidated financial statements give a trueand fair view of the Groupâs financial position at 31 December 2024, and of the results of its operations and cash ï¬ows for thefinancial year 1 January â 31 December 2024 in accordance with IFRS Accounting Standards as adopted by the EU and ad-ditional disclosure requirements for listed entities in Denmark.Furthermore, in our opinion, the parent financial statements give a true and fair view of the Parentâs financial position at 31 December 2024, and of the results of its operations for thefinancial year 1 January â 31 December 2024 in accordance with the Danish Financial Statements Act.Our opinion is consistent with our audit book comments issued to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="s8__7__51" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those stan-dards and requirements are further described in the "Auditorâs responsibilities for the audit of the consolidated financial state - ments and the parent financial statements" section of this auditorâs report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical respon si-bilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to in Article 5(1) of Regulation (EU) No 537/2014.We were appointed auditors of Vestas Wind Systems A/S for the first time on 9 April 2024 for the financial year 2024.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="s8__7__52" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the con-sol idated financial statements and the parent financial state-ments for the financial year 1 January â 31 December 2024. These matters were addressed in the context of our audit of the con solidated financial statements and the parent financial state ments as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Key audit matter Revenue recognition, including accounting for construction and service contractsRefer to notes 1.2, 2.3 and 3.5 in the consoli dated financial statements. The Group has multiple revenue streams which includes construction contract sales of wind turbines and power plants as supply-only, supply- and-installation, EPC/Turnkey (Power Solutions), service contracts and sales of spare parts and repairs (Service). In the Power Solutions segment, Management judgment is applied to assess whether to recog- nise supply-and-installation contracts at a point in time or over time. For contracts recognised over time Management judgment is also applied to assess timing of when main components should become part of the cost in the individual project. In addition, Management estimates are involved in estimating cost to complete. Finally, Management estimates are involved to assess variable con sid-eration which may include bonuses, penalties, and liquidated damages for performance and delay. In the Service segment, Management judgment is applied to assess whether contract modifi cations should be accounted for as a separate contract or as part of the original contract. In addition, significant Management estimates are involved in estimating cost to complete for ser vice contracts as these relateto expectations for scheduled and unsched uled repairs and main tenance. Finally, Management esti-mates are in volved to assess variable consid eration which may include production/time-based availabi-lity guarantees. Consequently, we considered this to be a key audit matter. How the matter was addressed in our auditAs part of our procedures, we obtained an understanding of IT systems, busi ness processes, policies and internal controls from initiation until com-pletion related to revenue recognition for construction and service contracts. Further, we evaluated the design and tested the operating effectiveness of selected controls in this area. For Power Solutions, we tested the appropriateness of managementâs judg-ments in determining whether construction contracts should be recognized at a point in time or over time. For construction contracts recognised at a point in time we performed substantive analytical procedures based on signed cus tomer contracts, delivery documents and documentation proving the turbines becoming fully operational. For construction contracts recognised over time, we evaluated the judgments made by management for timing of when main components should become part of the individual project by inspecting con tract terms related to transfer of control of main components. As for estimated costs to complete we evaluated the estimated contract cost and risk contin gencies, and discussed these with construction account - ing, project manage ment and group management including attending se-lected project steering committee meetings. For Service, we tested the appropriateness of managementâs judgments in determining whether service contract modifications should be accounted for as a separate contract or as part of the original contract. In addition, we eval u ated the assessments made by management regarding the estimated costs to complete and evaluated these by comparing to trends in cost levels, his tor ical cost updates, operational performance etc. We also discussed these with service accounting, project management and group management. Finally, we audited the disclosures included in the notes including compliance with IFRS 15. Key audit matter Warranty provisionsRefer to note 3.5 in the consolidated financial statements.The Group's product warranties cover the ex pected costs to repair or replace defective com ponents or those with functional errors. Typically, warranties aregranted for a two-year period from the legal transfer of the wind turbine or power plant. However, in cer-tain cases, warranties can extend up to five years.The Groupâs warranty provisions involve significant Management estimates including measurement un-certainty as provisions are based on expected failurerates of components and the estimated costs to re-pair or replace them. Subsequent changes to these assumptions may lead to significant changes to the recorded provision levels. Consequently, we considered this to be a key audit matter. Tax risk provisionsRefer to notes 5.1 and 5.2 in the consolidated financial statements.The Group is subject to income tax in many countriesglobally. The global activities result in that the Groupmay be subject to disputes on allocation of profits between different tax jurisdictions. Management is assessing the expected outcome of such tax disputeswhich is accounted for in provision for uncertain tax positions. Further, the Group recognizes deferred tax assets, including the tax value of tax loss carry-forwards, based on managementâs assessment of the amount of tax assets that can be used in the fore -seeable future. Therefore, significant Manage ment judgments and estimates are required to deter mine the consolidated and parent company income tax, provisions for uncertain tax positions and recognitionand measurement of deferred income tax. Consequently, we considered this to be a key audit matter. How the matter was addressed in our auditAs part of our procedures, we obtained an understanding of the business processes, policies, and internal controls relevant to warranty provisions. Further, we evaluated the design and tested the operating effectiveness of selected controls in this area.On a sample basis, we interviewed project managers and management to understand and challenge the estimates for selected warranty cases. We cor - roborated the information presented to us with underlying support and evaluated the appropriateness of the calculations made by manage ment. As part of this, we evaluated management's methodology, assump tions, data, and models used for calculating the warranty provisions.Finally, we performed a retrospective review of historical provisions to assess management's estimation accuracy and to assess whether the total war-ranty provisions held at year-end were sufficient to cover expected costs in light of known and expected cases. Finally, we audited the disclosures included in the notes including compliance with IAS 37.As part of our procedures, we obtained an understanding of the business processes, policies, and internal controls relevant to corporate tax including uncertain tax positions and valuation of deferred tax assets. Further, we evaluated the design of selected controls in this area. For a number of selected uncertain tax positions, we performed detailed testing, including understanding and testing of Managementâs judgment and estimates. We involved tax specialists to evaluate and test the ade quacy of assumptions, including Managementâs use of specialists to deter mine tax risk provisions. For the underlying tax risk provision calculations, we tested mathematical accuracy and consistency of data and the models applied. We evaluated the model for valuation of deferred tax assets, including data used to estimate expected future taxable income. We performed a retro-spective review by considering historical outcome of accounting estimates made in prior year.Finally, we audited the disclosures included in the notes including compli ance with IAS 12.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s8__7__53" xml:lang="en">Statement on the management reviewManagement is responsible for the management review.Our opinion on the consolidated financial statements and the parent financial statements does not cover the management review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the consolidated financial state - ments and the parent financial statements, our responsibility is to read the management review and, in doing so, consider whether the management review is materially inconsistent with the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the man-agement review provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management review is in accordance with the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the relevant law and regulations. We did not identify any material misstatement of the management review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="s8__7__54" xml:lang="en">Management's responsibilities for the consolidated financial statements and the parent financial statementsManagement is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional disclosure requirements for listed entities in Denmark as well as the preparation of parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of consoli-dated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Groupâs and the Parentâs ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate the Group or the Entity or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="s8__7__55" xml:lang="en">Auditor's responsibilities for the audit of the consolidated financial statements and the parent financial statementsOur objectives are to obtain reasonable assurance about wheth er the consolidated financial statements and the parent financial statements as a whole are free from material mis statement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional require ments appli-cable in Denmark will always detect a material mis statement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inï¬uence the economic decisions of users taken on the basis of these consolidated financial statements and these parent financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ż Identify and assess the risks of material misstatement of the consolidated financial statements and the parent finan-cial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ż Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro-priate in the circumstances, but not for the purpose of ex-pressing an opinion on the effectiveness of the Groupâs and the Parentâs internal control. ż Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. ż Conclude on the appropriateness of Managementâs use of the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parentâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related dis-closures in the consolidated financial statements and the parent financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group and the Entity to cease to continue as a going concern. ż Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent finan-cial statements, including the disclosures in the notes, and whether the consolidated financial statements and the par-ent financial statements represent the underlying trans-actions and events in a manner that gives a true and fair view. ż Plan and perform the group audit to obtain sufficient ap-propriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial state-ments and the parent financial statements. We are respon-sible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regard-ing, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a state-ment that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and, where applicable, safeguards put in place and measures taken to eliminate threats.From the matters communicated with those charged with gover - nance, we determine those matters that were of most signifi-cance in the audit of the consolidated financial state ments and the parent financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circum-stances, we determine that a matter should not be communi-cated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public inter-est benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="s8__7__56" xml:lang="en">Report on compliance with the ESEF RegulationAs part of our audit of the consolidated financial statements and the parent financial statements of Vestas Wind Systems A/S we performed procedures to express an opinion on whether the annual report for the financial year 1 January â 31 De cember 2024, with the file name VWS-2024-12-31-0-en.zip, is pre-pared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation), which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements including notes.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: ż The preparing of the annual report in XHTML format; ż The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the an-choring thereof to elements in the taxonomy, for financial information required to be tagged using judgement where necessary; ż Ensuring consistency between iXBRL tagged data and the consolidated financial statements presented in human readable format; and ż For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in com-pliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The proce-dures include: ż Testing whether the annual report is prepared in XHTML format; Obtaining an understanding of the companyâs iXBRL tagging process and of internal control over the tagging process; ż Evaluating the completeness of the iXBRL tagging of the consolidated financial statements including notes; ż Evaluating the appropriateness of the companyâs use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; ż Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and ż Reconciling the iXBRL tagged data with the audited consolidated financial statements.In our opinion, the annual report of Vestas Wind Systems A/S for the financial year 1 January â 31 December 2024, with the file name VWS-2024-12-31-0-en.zip, is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="s8__7__57" xml:lang="en">Copenhagen,</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="s8__7__58">2025-02-05</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-55" id="s8__7__60" xml:lang="en">DeloitteStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-54" id="s8__7__62" xml:lang="en">Anders Vad Dons</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-54" id="s8__7__64" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
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<cmn:NameAndSurnameOfAuditor contextRef="ctx-55" id="s8__7__66" xml:lang="en">Lars Siggaard Hansen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-55" id="s8__7__67" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
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<gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1">2023-01-01</gsd:PrecedingReportingPeriodStartDate>
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