Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2025-12-31	25732000000	eur
ifrs-full:Assets	2024-12-31	24644000000	eur

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2025-01-01	2025-12-31	18822000000	eur
ifrs-full:Revenue	2024-01-01	2024-12-31	17295000000	eur

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   <mrv:SustainabilityReport contextRef="ctx-1" id="f0__s8__7__7" xml:lang="en">Sustainability Statement of this report, pages 103-104.Reporting on the underrepresented gender in the parent company Danish Financial Statements Act – Section 107fFor our statutory reporting regarding gender representation in the company, see the table “Management composition and diversity” on page 44 or go to our corporate website for the full report. Information about diversity and targets in our global organisation is available in the Sustainability Statement of this report, pages 103-104. Reporting on remunerationThe Remuneration Policy and Remuneration Report 2025 are available  on our corporate website. Danish Companies Act – Sections 139 and 139aThe Remuneration Report 2025 provides a full overview of the remune-ration of the Board and the Executive Management of the company.  Corporate Sustainability Reporting Directive – GOV-3We refer to the Remuneration Report 2025 for disclosures on Board remuneration and the incentive programmes, which also applies to all Executive Vice Presidents, including the LTI programme, which incorporates climate-related incentives. Shareholder engagement and governanceIn 2025, the Annual General Meeting was held on 8 April at our headquarters in Aarhus, Denmark, with approximately 63 percent representation of shareholder capital. The meeting was held as an in-person event, as the Board and Executive Management Team highly value meeting our shareholders face to face, and believe this caters in the best possible way for an open dialogue.Our 230,000+ shareholders exercise their rights at the Annual General Meeting, which is the supreme governing body of Vestas Wind Systems A/S. With a few formal requirements, our share-holders are entitled to submit proposals, vote, and speak at these meetings. Resolutions can generally be passed by a simple majority and no share has any special rights attached to it. However, reso lutions to amend the company’s Articles of Association require two-thirds of the votes cast and capital represented, unless the Danish Companies Act stipulates other adoption requirements.The minutes of the meeting and report of the voting cast from the Annual General Meeting are available on our corporate website.Apart from the Annual General Meeting, the Chair of the Board met with shareholders and other stakeholders on various occasions in 2025 to gain insight into their perspectives. Supported by Investor Relations, the company also engaged in dialogue with shareholders as well as proxy advisors regarding financials, sustainability, remuneration, and other topics. These dialogues are very important, helping to ensure we are aware of and aligned with our owners’ and other stakeholders' expectations and recommendations. AuthorisationsAt the Annual General Meeting in 2025, the shareholders updated the Board’s authorisation to increase the company’s share capital  in one or more issues of new shares, up to a nominal value of DKK 20,197,345, referencing Article 3 of the Articles of Association.  The authorisation is valid until 1 April 2030. Furthermore, they approved a renewal of the authorisation to acquire treasury shares in the period to 31 December 2026, equal to 10 percent of the share capital at the time of authorisation. The main condition is that the nominal value of the company’s total holding of treasury shares does not exceed 10 percent of the company’s share capital at that time. Furthermore, the Board is authorised to pay extraordinary dividends in accordance with the Danish Companies Act.For information about our capital structure strategy, share buy-back programmes, and dividend payments in 2025, see page 22. The Vestas shareStock exchange  Nasdaq CopenhagenStock exchange quotation  1998ISIN code DK0061539921Ticker symbol VWSShare capital DKK 201,973,452Nominal denomination DKK 0.20Number of shares 1,009,867,260Share classes One share classVoting rights One share carries 20 votesFree float 100 percent free floatTrading lot (minimum) None, one share is tradeableShare price, year-end DKK 173.40Major shareholder BlackRock, Inc.  (Wilmington, DE, USA)**  BlackRock, Inc., has informed that its holding was 8.61 percent as at 1 July 2025.Sustainability  statement Embedding  sustainabilitySBM-1 Aligning strategy, business  model and value chain with  material  impactSustainability at Vestas means reducing or eliminating material negative impacts originating from our business model, as well  as maximising the positive value that our business and solutions provide to our customers, employees, shareholders, suppliers,  local communities, and the planet at large.With more than 37,000 employees and a total revenue of EUR 18,822m, we operate globally, with a track record of 201 GW capacity installed in 88 countries. Our mix of energy solutions ensures we can grow market presence and service a wide array  of customers across EMEA, Americas, and Asia Pacific.Our primary customers are utility and infrastructure companies, which seek to integrate renewable energy into electric power grids. We also work with independent power producers that develop and operate wind farms relying on our technology to deliver consistent energy output. Vestas´business operates across four key areas to become the Global Leader in Sustainable Energy Solutions: Onshore, Offshore, Service and Development. Our business model is to lead the energy transition across these areas. Through the Onshore and Offshore business areas, we accelerate the energy transition by designing and manufacturing a full suite of onshore and offshore turbine models, tailored to various wind conditions and geographic needs. Through our Service business, we then offer long-term after-sales services, including operations and maintenance, performance optimisation and reporting to ensure the longevity and efficiency  of wind installations. We also develop new wind power projects, expanding market opportunities and supporting the growth of our global partners. In 2025, there were no significant changes to the solutions or services offered. Our sustainability strategy is embedded across Onshore, Offshore, Service and Development – with each sustainability ambition driving specific priorities and actions within these segments. It is also aligned with the sustainability topics that are material to our business – the environmental, social, and governance issues most relevant to our operations and stakeholders. These topics guide decision-making across our products, services, geographies and customer categories, creating a direct link between our corporate strategy, business model and sustainability performance. “ This year marks another period of evolving sustainability report-ing legislation. While complying with current requirements, we believe that the current CSRD framework is a bureaucratic mess. We call for a future report-ing framework that is simpler, value-adding and drives real action.”Henrik Andersen, Group President &amp; CEOSBM-1Our Sustainability StrategyVestas’ sustainability strategy, ‘Sustainability in everything we do’, embodies our key sustainability aspirations, and is embedded across our business model as part of our corporate strategy. To deliver industry-leading performance, we have identified four strategic focus areas (Climate, Circularity, Social and Energy transition) that align closely with our corporate strategy, business model, and value chain. The commitments and targets within these four areas address key sustainability issues including: Climate change mitigation (E1), Circular economy and resource use (E5),  Own workforce (S1), Affected communities (S3), Political engage-ment (G1) and Cyber Security (entity-specific). Our sustainability-related targets are applicable to all products, services, geographies and customer categories, and achieving  these ambitions requires activating our full value chain – mobilising em ployees, suppliers, and partners to rethink how we design, develop, manufacture, construct, service, and decommission our turbines.1. ClimateFirst, Vestas turbines are a powerful driver of global decarbonisation and additionally we are committed to science-based decarbonisation of our operations and supply chain by 2030. Updated GHG emissions targetsThe projections during the last reporting period indicated that we would not reach the original 2025 target to reduce Scope 1 &amp; 2 GHG 1emissions by 55 percent. Not reaching the target originally defined in 2019 is mainly related to the acquisition of the offshore business at the end of 2020, whereby our scope of activities increased significantly.However, we have continued to adapt our strategy and climate transition plans to achieve science-based decarbonisation in alignment with the Paris Climate Agreement. Consequently,  our targets were updated and re-validated by the Science Based Target initiative (SBTi) during 2025, accounting for our rapidly growing offshore business and the larger scope of emissions-gene- rating activities associated with it. See page 87 for more information on our updated GHG emissions reduction targets. Achieving our Scope 1, 2, and 3 reduction targets while growing our business requires operational transformation across all business areas including:•  Onshore and Offshore: we are decarbonising manufacturing and construction logistics and sourcing low-emission materials, components, and services.•  Development: we integrate sustainability considerations early in project planning, influencing site layout, transport and permitting strategies that minimise lifetime emissions.•  Service: we focus on transitioning our global fleet of vehicles and vessels to electric or renewable fuels and optimising maintenance schedules to reduce emissions from travel and part replacement.2. CircularitySecond, we innovate to produce zero-waste wind turbines by 2040. This in cludes a strong focus on reducing waste from our own manufacturing and key suppliers, innovating new methods for blade and composite recycling, repairing and refurbishing our components to extend their useful life, and ensuring that the waste we do generate is managed responsibly (see page 96 for our circular economy targets). Circularity is embedded across our portfolio, catering to local infrastructure including:•  Onshore and Offshore: we are enhancing components for greater recyclability, developing innovative recyclable blade solutions and ensuring that materials are recovered and recycled at end-of-life.•  Development: we assess end-of-life planning during early-stage project design and work with our customers to ensure local recycling infrastructure is considered and accessible.•  Service: we enable lifetime extension through refurbishment and reuse of components, reducing both waste and resource intensity.3. SocialThird, we aim to be the safest, most inclusive and socially responsible company in the industry. During 2025, our Total Recordable Injury Rate (TRIR) remained at 2.7, reflecting stabilisation in performance compared with 2024, see page 102 for more information. We continue to strive for improvement in the safety outcomes of the wind industry. Our strong focus on diversity and inclusion involve many different initiatives including working to increase the number of women in leadership positions. See page 103 for more information related to these initiatives. We engage with our customers and impacted communities near our projects to minimise and address potential grievances and support local community projects. During 2025, we achieved our previous target of 35,000 community beneficiaries and replaced this target with a target to conduct social due diligence on all projects in scope annually. Social performance is embedded across how we design, build and operate projects globally including:•  Onshore and Offshore: we always prioritise health and safety on manufacturing and construction sites, working to reduce incidents through training, controls and monitoring.•  Development: we engage communities from the outset to ensure respect for land rights, cultural heritage and local expectations – and to share benefits through community investment and inclusive hiring.•  Service: we have a relentless focus on protecting our employees from physical and psychological harm and promoting a culture of inclusion and belonging so that all our employees can achieve their full potential.4.  Energy  transitionFinally, we lead the transition towards a world powered by sustainable energy by setting a strong example of a responsible and sustainable company, and taking a leading role in shaping global energy policy to accelerate the global energy transition, with renewable energy and energy security at its core. Cyber security has become a topic with double materiality during 2025, emphasising its importance seen in the light of energy security and its material impact on our stakeholders. Vestas’ path to a sustainable and affordable energy future is realised by promoting secure, sustainable and affordable energy. Our role is to enable a world powered by sustainable energy through every business area:•  Onshore and Offshore: we deliver competitive wind turbines that provides reliable and predictable supply of energy, while forming the backbone to decarbonise energy systems and promoting circularity practices across the wind industry value chain. •  Development: we help bring new markets online, shaping policies and partnerships that unlock projects and accelerate the build-out of renewables globally.•  Service: we ensure that installed capacity remains operational, efficient and optimised for decades, contributing to stable and resilient renewable energy supply, in co-existence with agri cul tural and marine eco-systems.More information on main challenges, critical solutions and projects related to these four areas are described under “Impacts, risks and opportunities” and “Actions and resources” within each topical section. For information related to cost structure and revenue of the business segments, in line with IFRS 8, see 1.1 Segment information pages 139-140.An overview of the key highlights across the four pillars of our sustainability strategy is provided on page 61-67, followed by a description of our business model and the results of our Double Materiality Assessment 2025 on page 68 and 69 respectively.Key activities to deliver on our commitments  Climate Science-based  decarbonisation of our operations and supply chain by 2030Decarbonise our own operations•  Transition to electric or renewably powered company cars, service vans and vessels. •  Reduce consumption of fossil fuels used in construction, manufacturing and service activities. Decarbonise our supply chain •  Source low-emission materials for wind turbine components.•  Design for energy yield and longer lifetimes. •  Optimise transport logistics.CircularityProduce zero-waste wind turbines by 2040 Design for circularity •  Advance design principles for recyclability and circularity.•  Scaling innovative blade recycling solution. Operational circularity•  Increase refurbishment and reuse of components to enable lifetime extension. •  Regionalise repair infrastruc-ture. Material recovery•  Enhance waste segregation.•  Explore innovative recycling opportunities.•  Optimise blade design and production.SocialBe the safest, most inclusive and socially responsible company in the industrySafety•  Increase leadership accountability.•  Strengthen HSE manage-ment system.•  Implement more control assurance and proactive risk management. Promoting diversity•  Focus on talent pipeline development.•  Increase pay equity reviews.•  Drive diversity awareness initiatives.•  Implement measurable engagement tracking. Social responsibility•  Work preventively with adverse human rights impacts by conducting social due diligence on projects in scope.Energy transition Lead the transition towards a world  powered by  sustainable energyDrive a responsible business•  Continuously carry through  and work to improve strong compliance programmes, trainings, and awareness. Climate transition advocacy•  Accelerate the energy transition via policy engage-ment, industry partnerships, and active participation in global forums. Support partners in becoming increasingly resilient•  Onboarding our customers  in our Cyber Security Service Framework.Strategic sustainability  highlights 2025Every day, Vestas wind turbines harness wind energy to generate renewable electricity, providing an alternative to fossil fuels and serving as a key driver in the decarbonisation of global energy systems. At the end of 2025, the entire installed Vestas turbine fleet had the capacity to avoid 245 million tonnes of GHG emissions per year, while the capacity produced and shipped during 2025 is expected to avoid 463 million tonnes of GHG emissions over their lifetime. The substantial decarbonisation impact we deliver across the global energy system represents our most significant contribution to sustainability. At the same time, the production, installation, and servicing of our solutions do have some negative environmental  and social impact, which we work to mitigate.Driving GHG emission reductions across our value chainScope 1 and 2 emissions increased by 4 percent in 2025, primarily driven by a 13 percent increase in emissions from Offshore cons- truction and service activities. Emissions from Onshore construction and service decreased by 3 percent. Despite increased Scope 1  and 2 emissions, we continued to decouple emissions from growth, delivering significantly more GW to the market and servicing more turbines than previous year. Transitioning our service and benefit vehicle fleets supported reductions in high impact areas. At the  end of 2025, 25 percent of the service vehicle fleet was renewably fuelled, while electric and plug-in hybrid vehicles accounted for 98 percent of the benefit fleet. In 2025, Scope 3 emissions intensity was 6.39 kg CO2e/MWh generated, reflecting a 16 percent increase from 2024. The increase is primarily driven by normalised blade-production levels in 2025, following lower activity in 2024. Despite a year-on-year increase,  we remain on track with our Scope 3 emissions reductions trajectory, achieving a 10 percent reduction in emissions intensity since 2022. Scope 3 emissions remain our greatest decarbonisation challenge, as more than 99 percent of our emissions stem from our value chain, with steel and iron accounting for about 41 percent. We engage with steel suppliers to stimulate demand for low-emission tower steel.  By reusing scrap steel in wind powered electric arc furnaces, we can reduce emissions from heavy steel plates used in turbine towers by 2up to 66 percent compared to traditional steelmaking. For more information on E1 and E4, see pages 85 and 93.1  Source: US Environmental Protection Agency: Greenhouse Gas Equivalencies Calculator.2  According to the Environmental Product Declaration from ArcelorMittal Europe.Our decarbonisation journeyClimate transition – stage 1Since setting our original targets in 2020, we have made significant progress on decarbonising our value chain. Between 2019 and 2024, we reduced combined Scope 1 and 2 GHG emissions by 8 percent, despite undergoing significant structural change with the acquisition of MHI Vestas Offshore Wind in 2020. We achieved this by sourcing 100 percent renewable electricity across our premises, among several other initiatives. In fact, had we maintained our original target scope without including the offshore business,  we would have achieved a reduction of approximately 44 percent in 2024 compared to 2019 in Scope 1 and 2 total. Over the same period, including offshore, we also achieved a 17 percent reduction in Scope 3 emissions intensity (kg CO2e/MWh), driven by, among other factors, improved product performance.Climate transition – stage 2 During 2025, in line with the SBTi five-year review cycle, we revised our targets and submitted them to SBTi for validation. Our new targets are to:•   Reduce GHG emissions in our own operations by 50 percent  by 2030, from a 2022 baseline, without using carbon offsets.•   Reduce GHG emissions from our supply chain by 45 percent per 1MWh generated by 2030, from a 2022 baseline.2025 marks the beginning of the second stage of Vestas’ climate transition journey. Reaching these targets will be challenging, as it requires broader industry uptake of emerging technologies such as renewable shipping fuels. To progress, we will collaborate closely with customers and suppliers, focusing especially on reducing Offshore service emissions and lowering the footprint of high- impact materials such as steel. 1   Vestas has a Scope 3 SBTI-validated target to reduce GHG emissions from our supply chain by 66.33 percent per MWh generated by 2035, from a 2022 baseline.*   Emission targets towards 2030 are estimates. Targets are revisited regularly to consider actual performance and forecast business growth.**   Scope 3 emissions intensity data for 2019-2024 reflect our previous methodology. See numbers in our Annual Report 2024 and Sustainability Report 2023. Recalculated data for 2022-2024 following the methodology change in 2025 can be found on page 9.***  GHG emissions intensity increased during 2025, largely driven by the normalised levels of blade production, following lower levels in 2024. 62Vestas Annual Report 2025 E5Circularity highlightsProduce zero-waste wind turbines by 2040The Circularity Roadmap guides our work towards a fully circular value chain where we avoid waste, reuse materials, and fully integrate into a circular economy for our turbine components and materials, with the ultimate ambition of producing zero-waste wind turbines. Our Circularity Roadmap is structured around three main pillars: Design for circularity, Operational circularity, and Material recovery. In 2025, we drove progress towards our targets across these areas.We advanced the development of our innovative recycling technology for epoxy-based blades, achieved a recyclability rate of hub and blade of 94 percent (see page 64 for more details), and recycled 109 blades from repowering projects in the USA. We also increased the number of refurbished components installed but saw a decrease in our refurbished component utilisation rate to 32.1 percent (2024: 34.5 percent), because our service activities grew faster than the number of refurbished components installed. In parallel, we improved waste recycling across our operations through enhanced material handling and process optimisation, reaching a recycling rate of 69 percent (2024: 68 percent) in our own operations. For more information related to E5, see pages 95-98. The Blade Circularity solutionThrough the Circular Economy for Thermoset Epoxy Composites (CETEC) initiative, we co-developed the innovation of a chemical process capable of breaking down epoxy infusion resin, enabling  the recovery and reuse of blade materials. This solution allows for the recycling of existing blades without introducing the technical risks associated with new blade materials, and without requiring extreme heat or pressure.In 2025, we continued our work with scaling up the blade circularity solution in close collaboration with our partner, Stena Recycling.  A testbed for processing large composite material samples was constructed at Stena Recycling’s lab facility in Sweden.While work remains before the solution can be deployed across the wider wind industry and beyond, we are making important progress in addressing one of the sector’s most persistent end-of-life challenges.S1+S2+S3Social highlightsOur ambition is to be the safest, most inclusive, and socially responsible company in our industry. Highlights 2025Safety roadmap outlinedA stepwise plan for enhancing safety towards 2030 is in place.Women in leadership at target level By the end of 2025, women accounted for 25 percent of corporate leadership positions, meeting our target for the year. Mapping of EU Critical Raw materials finalisedThe mapping will support human-risk mitigation and responsible-sourcing strategies.We are committed to ensuring everyone can work and thrive in a safe and inclusive environment, where leadership fosters safety.  By holding ourselves accountable for the social impact of our operations and supply chain, we aim to meet expectations in terms of what responsible business looks like. Strengthening the safety culture at Vestas We are committed to achieving a Total Recordable Injury Rate (TRIR) below 1.0 by 2030.By the end of 2025, we enhanced the accuracy of our working-hour calculations, which led to restated figures. Our 2025 TRIR remained at 2.7, reflecting a stabilisation in performance compared with 2024. We are behind on our performance related to our 2025 target of 2.4, but stronger focus on high-risk events led to a steady reduction in incident severity during the year.We have introduced a focused safety roadmap that incorporates targeted interventions to address high-risk activities, frontline leadership training, and improved digital tools. For further details, see the Safety Roadmap on page 66.Embedding inclusion in leadership and culture We are strengthening inclusion in leadership and culture to ensure fair opportunities and diverse voices in decision-making. Our focus is 1on strengthening female leadership representation by growing our talent pipeline and providing Inclusive Leadership training. In 2025, we amplified this work externally through the ‘Vestas Looks Like Me’ campaign.Human Rights transparency strengthened through mapping of EU Critical Raw materials In 2025, we strengthened our human rights due diligence by completing a cross-functional initiative to map the presence of EU Critical Raw Materials in our components. This work supports us in enhancing transparency and helps identify potential human rights risks in our value chain. For more information related to S1, S2 and S3, see pages 101, 108 and 111 respectively. 1  See note 1 on page 104 regarding the diversity targetsOur Safety RoadmapSafety is core to how Vestas designs, manufactures,  builds, and services wind energy solutions. After a period  of plateaued performance, in 2025 we initiated a significant refresh of our Health &amp; Safety approach to better support a growing, high-risk, global operation. This evolution is clearly mapped into four phases towards 2030. Shifting from regionally variable practices to a standardised, resilient, and learning-driven global safety system In 2025, our transformation began with strengthening our  foundations: clearer roles and accountability, a reinforced risk and  critical-controls framework, and improved digital tools and data visibility. These actions create a stable foundation for leaders to make informed, risk-based decisions and ensure that essential controls are consistently applied. Building on this, we will be shifting in 2026 to maturing our organisational learning capability, enhancing the quality of incident learning, improving how we proactively tackle HSE risks, and strengthening frontline operational capability through clearer standards, structured training and coaching.A key focus of HSE evolution is building resilience and standardising our HSE Management System, improving assurance of critical controls, and reducing dependence on local practices or individual interpreta-tions, building a one Vestas way for tackling Safety. This strengthens a unified culture across geographies and the way we work together.Finally, recognising that safety outcomes depend on everyone involved in our work, we are also extending these expectations across our value chain. We are embedding stronger HSE requirements into procurement, supplier onboarding, and contractor management to ensure aligned behaviours and controls wherever Vestas operates.Our direction is well-defined. With a structured roadmap, we aim to strengthen our HSE foundation and build a strong safety culture  to achieve our 2030 targets.   G1 + Cyber security (secure energy)Energy transition  highlightsLeading the energy transition by scaling wind responsibly and remaining a trusted partner Highlights 2025Political engagement to execute on wind energy’s value propositions Amid rising geopolitical fragmentation, we exercised thought leadership for how wind energy contributes to global and European energy security.Strengthening governance via compliance Supplier due diligence strengthened through automation.Strengthening Vestas cyber resilienceProgressed on implementing our Cyber risk management strategy by risk mitigating efforts.Political engagementVolatile fossil fuel prices and geopolitical risks have further underscored the need for energy solutions that are not only clean but also affordable and secure. In 2025, we increasingly engaged in policy dialogues on energy security, while advocating for improved market conditions overall, to drive the energy transition forward.Anti-corruption and briberyIn 2025, we strengthened our supplier due diligence process through automation, ensuring a stronger level of control and data quality. We also increased anti-corruption and bribery awareness across Vestas through multiple Compliance Week initiatives. Cyber securityWe enhanced our cyber risk management strategy and risk management while shaping cyber legislation and standards across our markets, to safeguard operations, intellectual property, and critical infrastructure.For more information related to G1 and Cyber security see page 114 and 118. A sustainable and resilient energy transition How we create a strong foundation to be a trusted partner for our customers, investors, and society with focus on policy leadership, business conduct and cyber resilience is demonstrated below and in G1 and Cyber security section.CustomersInvestors SocietyTrusted Partner In The Energy TransitionPolicy leadershipBusiness conductCyber resilienceSBM-1The value chain that supports our business modelAt the core of our business model are Onshore, Offshore,  Development, and Service. The following outlines the additional steps that are integral to Vestas’ value chain.The main features of the upstream value chain are related to suppliers of raw materials and wind turbine components, project developers and transportation companies. The main features in the downstream value chain are related to selling wind power plants and providing service to customers and asset managers. InputsKey inputs to Vestas’ value chain include raw materials, capital employed, energy and employee working hours. Vestas utilises these raw materials and components for manufacturing of wind turbines and related service to our primary downstream stakeholders, customers and asset managers.Inputs are sourced through business relationships within the supply chain and own operations, encompassing both our in-ternal workforce and external contractors. Development and procurement are primarily managed through improvement  initiatives, contractual agreements and risk mitigation frame-works. The main upstream business actors include suppliers of raw materials and wind turbine components, project devel-opers and transportation providers. These activities form the core of Vestas’ operations and  products. Our position in the value chain is defined as  “Own operations”.Key outputs and value creationThe key outputs of our value chain are wind turbines installed and serviced. The benefits we generate for our employees,  investors, customers, and other stakeholders comprises, are among other things, salaries, shareholder returns, safety and GHG emission avoidance and reduction. Critical contributors to this value creation include our employees, customers, and partners involved in transportation, decommissioning, recycling, and waste management.Result of the double materiality assessmentIn our 2025 double materiality assessment,  we identified 16 sustainability matters as  material to Vestas.SBM-3 Vestas’ Double Materiality Assessment (DMA) is reviewed annually by Group Sustainability in accordance with ESRS requirements to ensure that our reporting scope remains relevant. While the DMA process itself remains unchanged from the previous reporting period, the rating was supported with more relevant and useful data in 2025, which resulted in shifts in the identification of material impacts, risks and opportunities.The changes in material topics compared to previous reporting period included the removal of ‘Water consumption’, ‘Corporate culture’, ‘Protection of whistle-blowers’ and the entity-specific disclosure on ‘Transparent Tax’. The current material sub-topics are presented in the illustration to the right, with material impacts to the left, double- material impacts in the middle and material risks and opportunities on the right hand side. The more specific impacts, risks and opportunities (IROs) that were identified through the DMA are presented in tables on the following pages. Further elaboration on each material topic can be found in the topic-specific disclosures. All identified IROs are reported in accordance with the European Sustainability Reporting Standards (ESRS) disclosure requirements. Topics identified as having double materiality, as well as those deemed financially material, are being integrated into Vestas´ Enterprise Risk Management (ERM) programme. See page 78 for more information.SBM-3Material impacts, risks, and opportunitiesThis section provides an overview of our material impacts, risk and opportunities; our methodology for identifying and addressing material topics, and our approach to risk management and governance structures that support oversight of these areas.A summary of the material impacts, risks, and opportunities  (IROs) identified in Vestas’ DMA are presented in the tables below.  The left-hand side describes how negative and positive impacts affect, or may affect, people and the environment, while the right-hand side outlines the risks and opportunities considered financially material. The overview offers brief descriptions of each IRO at sub-and sub-sub topic level and their positions in the value chain.More information on the nature of impact, whether Vestas is involved through its activities or through its business relationships, as well as relevant policies, actions, metrics and targets, can be found in this Sustianability statement under the respective topical sections to which these IROs are assigned. E1 Climate ChangeSub-topic Impacts on people and environment Name and description Value chain Double materiality  Scope 1, 2, &amp; 3 GHG emissions (actual) Entire value chainClimate change mitigation  The GHG emissions from Vestas’ own operations and value chain have a negative impact on the global climate and environment.  Catalysing sustainable development (entity-specific, actual)  Entire value chain  Instigating sustainable development by providing more sustainable solutions,  such as low-emission steel, has a positive impact on the climate transition.   Enabling the green transition (entity-specific, actual)  Downstream  As a global partner partner on sustainable energy solutions, Vestas enables companies and society to reduce their emissions through access to renewable energy, which has a positive impact on the global climate and environment.Impact materiality   Energy consumption (actual)Own operations Energy consumption  Fossil energy consumed during manufacturing, construction, and service of turbines has a negative impact on the global climate and environment.Financial materiality   Climate change adaptation impacts scored as immaterial.  N/AClimate change adaptationFinancial risks or opportunitiesName and description Value chain  Low-emission materials (entity-specific) Downstream  Offering low emission materials improves our value proposition and presents a financial opportunity.  Growth rate of the wind industry (entity-specific)Downstream  The projected growth rate of the wind industry presents a financial opportunity that Vestas is well positioned to take advantage of.   Energy consumption-related risks and opportunities scored as immaterial N/A Carbon taxes and tariffs Own operationsHigh carbon taxes and tariffs increase the price of GHG intense materials such as steel, increasing the overall cost to produce wind turbines.E4 Biodiversity and ecosystemsSub-topic Impacts on people and environment Name and description Value chain Impact materiality   Climate change impact on biodiversity (actual)Upstream Direct impact on    The GHG emissions originating in our supply chain from the extraction, production and biodiversity losstransportation of raw materials and products have a negative impact on biodiversity and ecosystemsFinancial risks or opportunitiesName and description Value chain  Biodiversity-related risks and opportunities scored as immaterial N/AE5 Circular economy and resource use Sub-topic Impacts on people and environment Name and description Value chain Double materiality  Non-recyclable materials (actual) DownstreamResource outflows related   Non-recyclable materials in turbines might be landfilled or incinerated and increase to production and servicesthe need for virgin materials, which has a negative impact on the environment.Impact materiality   Raw materials required for turbines (actual)Upstream Resource inflows including   Extraction and production of metals and other raw materials has a negative impact on usagethe climate and environment. Waste  Waste generation (actual)Own operations   Waste generated in our own operations has a negative impact on the environment.Financial risks or opportunitiesName and description Value chain  Recyclable bladesDownstream  Offering blade circularity solutions improves our value proposition and presents  a financial opportunity.  Resource inflow-related risks and opportunities scored as immaterial  N/A  Waste-related risks and opportunities scored as immaterial. N/AS1 Own WorkforceSub-topic Impacts on people and environment Name and description Value chain Double materiality  Health and safety incidents of own workforce (actual) Own operationsWorking conditions of own   The negative impact related to health and safety incidents.workforce  Secure employment (actual) Own operations   The high share of permanent contracts and stable market position provides a secure and predictable work environment for employees.Impact materiality  Diversity (actual)Own operations Equal treatment and    A global workforce and inclusive culture enabling engagement, innovation,  opportunities for alland performance has a positive impact on employees.Financial risks or opportunitiesName and description Value chain  Cost implication of injuries in own workforce Own operations  Potential injuries leading to delays, lost work hours and compensation costs pose  a financial risk.  Secure employment-related risks and opportunities scored as immaterial. N/A  Diversity-related risks and opportunities scored as immaterial. N/AS2 Workers in the value chainSub-topic Impacts on people and environment Name and description Value chain Double materiality  Health and safety incidents of supply chain workers (actual) Upstream Working conditions in the   The negative impact related to health and safety incidents of workers in the upstream value chainsupply chain.   Health and safety incidents of contractors and sub-contractors (actual) Own operations  The negative impact related to health and safety incidents of contractors,  sub-contractors, and temporary workers working on Vestas sites in manufacturing, construction, and service.Other work-related rights of   Child and forced labour (potential) Upstreamworkers in the value chain  Risk of forced and child labour in our supply chain.Financial risks or opportunitiesName and description Value chain  Health and safety related risks related to incidents of supply chain workers scored as N/Aimmaterial.  Cost implications of injuries to contractors and sub-contractorsOwn operations  Potential injuries to value chain workers leading to delays, lost work hours and compensation costs pose a risk.  Fines related to forced or child labourUpstream   Vestas’ global network of suppliers combined with the risk of fines related to child and forced labour constitute a potential risk. S3 Affected communitiesSub-topic Impacts on people and environment Name and description Value chain Impact materiality  Land-related impacts (potential) Own operations Communities’ economic,    Land-use restrictions during wind farm construction leading to a temporary negative social and cultural rightsimpact in the form of physical and economic displacement (e.g income losses) of local communities.Particular rights of   Impacts on the right to free, prior, and informed consent (potential)Own operationsindigenous peoples   Failure to respect indigenous peoples right to own, control and use their lands in development, construction and operation of wind farms is a negative impact.Financial risks or opportunitiesName and description Value chain  Affected communities-related risks and opportunities scored as immaterial. N/AG1 Business ConductSub-topic Impacts on people and environment Name and description Value chain Double materiality  Political engagement contributing to the green transition (actual) Own operationsPolitical engagement  Positive impact on the energy transition through political advocacy and top line messaging supporting policies and regulations aligned with the Paris Agreement.Cyber security   Cyber security incidents (entity-specific, potential)  Downstream   Cyber attacks on wind farm infrastructure might cause power outages and increase in electricity prices, negatively impacting society and people Financial materiality   Corruption and bribery related impacts scored as immaterial.  N/ACorruption and briberyFinancial risks or opportunitiesName and description Value chain  Insufficient market conditionsDownstream  Inadequate grid expansion, ineffective auction design and permit delays could increase costs, hinder investments, and reduce the viability of wind deployment.  Cyber security risks Own operations  Cyber attacks might disrupt business operations, expose intellectual property,  or cause legal liability.   Risk of corruption and bribery Own operations  Vestas’ global presence presents an increased risk of exposure to corruption and bribery.IRO-1 , IRO-2Double materiality  assessment processThis section outlines the process  by which climate change, circularity, health and safety, child labour, political engagement and cyber security were identified as key topics representing overarching adverse impacts across Vestas’ value chain. SBM-2 Interests and views of stakeholdersAt Vestas, we value the concerns and ongoing dialogue with our stakeholders. The Vestas stakeholder engagement process is detailed below, with examples of input and how stakeholders’ interests relate to our strategy in the table on the right.Stakeholder engagement is central to Vestas’ Double Materiality Assessment (DMA) and due diligence. Stakeholder input is  integrated early in the annual evaluation of ESRS topics to  ensure meaningful and consistent engagement. Our stakeholder engagement focuses on obtaining information regarding interests, views, and rights of people in our own workforce (S1), value chain workers (S2) and affected commu-nities (S3), but it also contains insights from other key stake-holders such as investors, customers, and environmental experts, see outcome in table to the right.This table to the right represents the outcome of our stake-holder engagement. The interests raised largely correspond to topics in which Vestas proactively engages, including recycling solutions, community engagement, and the protection of human rights within the supply chain. No additional changes to our strategy or business model have been considered necessary or are currently planned in response to feedback from affected stakeholders. Key stakeholder engagement and interestsKey topics raised  Key topics raised  Relation to strategy  Key stakeholders How we engage(positive)(Negative) and business modelCustomers Via customer survey including Low-emission steel, recycling of Biodiversity impact, social due Positive key topics covered in E1 sustainability areas, and interviews blades and Vestas’ contribution diligence, anti-bribery and and E5 section, page 87 and 95 are conducted to inform our DMA towards mutual decarbonisation corruption and assessments of respectively. Negative key topics process when relevant.targets.human rights impact on project covered in E4, S2, S3, and G1 level. section. See page 93, 109 , 112, and 116, respectively.Suppliers Through our supplier engagement Design choices with positive The design and domino effect of Positive key topics covered in E5 initiatives, and interviews are impact; and contractual having to choose larger suppliers; and S2 section page 96 and 109 conducted to inform our DMA requirements driving infrastructure challenges due to respectively. Negative key topics process when relevant.improvements in working larger components.covered in "Mindset shift towards conditions.better, not bigger turbines", page 32.Civil society  In relevant networks, regular That we are engaged and The responsibility and risk of Positive key topics covered in S3 organisations  meetings and via our human rights participate in relevant networks; negative impact on human rights in section, page 111. Negative key impact assessment. Interviews are and organise regular meetings to the supply chain, especially in topics covered in S2 section, page conducted to inform our DMA discuss common interests.mining.108. process when relevant.Affected communities During project execution, and Contribution to economic well- Land-use change that can have Positive and negative key topics interviews are conducted to inform being and overall quality of life; impact on indigenous communities covered in S3 section, page 111. our DMA process when relevant.providing job opportunity.and their relationship with the land.Environmental experts  By collecting and assessing Land-use change, how offshore The impact on state of species and Positive and negative key topics relevant research. Interviews are wind farms can have positive biodiversity loss connected to covered in E4 section, page 93. conducted to inform our DMA impacts on the state of fish land-use change and the need for process when relevant.species; acting as artificial reefs; more data to keep up to speed with reducing fishing activities.investors’ and shareholders’ expectations.Investors, banks, and Via conference calls, roadshows, A strong ESG profile with Increasing interest in resource Positive key topics covered in shareholdersinterim and annual reports. sustainability KPIs attached to inflow, outflow and cyber security.Vestas taxonomy disclosure, page Interviews or questionnaires are financial mechanisms.99. Negative key topics covered in conducted to inform our DMA E5 and G1 section, page 95 and process when relevant.118 respectively.Employees Via an annual Employee General sense of workplace More communication addressing Positive and negative key topics Engagement Survey (EES). Workers acceptance and empowerment to various working conditions and covered in "Our people" and S1 representatives are part of the EES speak up.diversity is needed.section, page 10 and 103 and engaged as per the Danish respectively.Companies Act section 118a.ESRS 2- SBM-2Key groups of affected stakeholdersAccording to ESRS, “own workforce”, “workers in the value chain” and “affected communities” are key groups of affected stakeholders. This section will therefore specify further how we capture the interests and views of these key stakeholders. S1-SBM-2, SBM-3Own workforceThe interests, views, and rights of our workforce are funda-mental to shaping our strategy and business model.  We believe that a motivated and engaged workforce is pivotal to achieving our strategic objectives. Therefore, we actively  engage with our employees through regular engagement  surveys, town hall meetings, and focus groups to gather their insights on various aspects of our operations. This continuous feedback loop ensures that our strategic decisions are aligned with our workforce, fostering a culture of respect and collaboration. By integrating employee perspectives, we enhance job satis-faction, mitigate risks related to our own workforce, improve retention rates, and drive innovation. Respect for human rights is a foundational element of our strategic framework. We ensure that our business practices are based on fair wages, safe working conditions, and non- discriminatory policies. We regularly assess whether our busi-ness operations create, exacerbates, or mitigates significant material impacts on employees supported by our HSE man-agemnet system, incident database and other people related platforms. Based on these assessments, we adapt our strate-gies to address any identified risks or challenges. S2-SBM-2Workers in the value chainAs a wind turbine manufacturer working with suppliers globally, our responsibility towards people in the workforce extends  beyond our own operations. We recognise the importance of understanding and addressing the interests of the value chain workers, ensuring respect for human rights throughout our supply chain. To this end, we have a supplier due diligence  process to ensure our suppliers comply with Vestas’ Supplier Code of Conduct, which sets out our requirements for labour standards and human rights.Currently, insights into the general views and interests of workers within our value chain are gathered through our regular, Company-Wide Human Rights Assessment. We are assessing the possibility of implementing a process of engagement with workers specifically from our supply chain to extend the feed-back beyond the more general insights. When it comes to spe-cific concerns and complaints, the non-Vestas workforce can, just as Vestas’ own employees, utilise the EthicsLine platform.S3 SBM-2, S3-4Affected communitiesVestas is committed to building resilient relationships with communities affected by our operations, and we prioritise working with all stakeholders to achieve this. To ensure that the views, interests, and rights of potentially  affected communities are discussed and taken into considera-tion in wind power projects we are involved in, we proactively engage with communities across our operations. This helps us understand, prevent, and mitigate any potential adverse  impacts and to further drive positive impacts on affected communities.The ‘Social’ pillar of our sustainability strategy – aiming at making us the safest, most inclusive, and socially responsible company in the energy industry – reflects our commitment to integrating human rights into everything we do. IRO-1, IRO-2Identifying and assessing material impacts, risks, and opportunities In 2025, the DMA process was conducted following the same methodology and sequence of steps as in the previous reporting year including: identification and assessment of impact,  financial risk and opportunity assessment, controlling of sup-porting evidence, validation involving key stakeholders and the DMA assurance. Identification and assessment of impactIdentification included a review of all AR 16 topics and sub-topics specified in ESRS 1, including insights from our key stakeholders, see page 75. Every impact was revisited, to determine whether any changes occurred in the nature of the impact, and reassessed to ensure the severity and likelihood scoring is up to date. Impacts are priotised based on severity, determined by scale, scope and irremediability (for negative impacts) and likelihood (for potential impacts). The threshold setting for material impacts and the time horizons are aligned with ESRS.Aligned with  our value chain overview, the Double Materiality Assessment (DMA) process maps impacts associated with core activities across the entire value chain. In the upstream segment, this  includes the extraction of raw materials, refining and smelting processes, and transportation. Within Vestas’ own operations, key activities encompass  project development, construction, manufacturing, and service delivery. The downstream value chain primarily involves activi-ties within our customers’ scope, including social due diligence, decommissioning, and end-of-life solutions. This includes aspects related to business relationships, geographies or other factors that give rise to heightened risk of adverse impacts. For more information related to assumptions used for the  assessment of climate change (E1-IRO-1), biodiversity (E4-IRO-1) and resource use and circular economy (E5-IRO-1) please see “Methodology and assumptions applied when identifying IROs” section. Financial risk and opportunity assessmentDuring 2025 we have also revisited all the financial risk and opportunity assessments conducted during the previous  reporting period. Each topic was reassessed based on estimates and assumptions, managed by ESG Reporting in Finance and backed by interviews with subject matter experts, online  reports, benchmarking studies, and internal and external statistics.The financial materiality criteria are consistent with the DMA methodology applied in the previous reporting period, including short, medium and long-term time frames and ranges for likeli-hood and nature of financial impacts plotted on a scale from 1-5 (similar to impacts). Rating for likelihood and financial  impact was assessed for each time frame and topic, resulting in an expected trendline for each risk and opportunity.The financial impact threshold for sustainability-related risks is consistent with the previous year to ensure that relevant topics are included and prioritised on par with other Vestas- specific topics, even though ERM increased its general thresh-old for financial materiality in 2025. Consequently, all relevant sustainability-related topics remain integrated into the over-arching ERM programme and associated decision-making  process. For further detail on how sustainability-related op-portunities are embedded in our broader management approach, see the “Strategic resilience” section page 78. Most of the topics assessed for financial materiality are  derived from the underlying material impacts enabling the identification of financially material sub-sub-topics and sup-porting an integrated view of the interlinked risks and oppor-tunities from a double materiality perspective. Vestas’ depend-encies on social and natural resources were assessed through key inputs such as workforce and raw materials in relation to current and future market conditions. These dependencies are further examined in our strategic resilience analysis (see “Strategy resilience”, page 78).Validation and approvalThe final result of the DMA was presented to relevant man-agement to capture insights and ensure full alignment before being audited by our assurance provider and presented to the Audit Committee for endorsement and the Board of Directors for final approval.Controlling of data points Following the identification of material topics, corresponding material data points at the sub-sub-topic level are selected using the EFRAG data point list. These are assessed in accord-ance with the ESRS decision tree to determine which disclosures to include. Each data point is evaluated for its materiality,  legislative relevance and its role in ensuring a fair and balanced representation of Vestas’ sustainability performance. For a complete overview of the datapoints covered in this Sustaina-bility Statement, see “Additional information”, including the “Content index of ESRS disclosure requirements” (page 122) and the “List of data points that derive from other EU  legislation” (page 124).IRO-1 Methodologies and assumptions applied when identifying IROsIn the following, we describe our methodologies, assumptions and input parameters used to identify, assess, and manage material impacts, risks, and opportunities in alignment with the requirements of the European Sustainability Reporting Standards (ESRS).E1-IRO-1Climate-related impacts, risks, and opportunities Impacts, risks, and opportunities (IROs) related to climate change mitigation and adaptation are identified based on  the global environmental mapping and our climate scenario  analysis and are assessed by internal subject matter experts.  The climate scenario analysis is an annual recurring process, conducted in the first half of the year, covering both physical and transitional climate-related IROs.The scenario analysis follows best-practice international standards like the Task Force on Climate-related Financial  Disclosures (TCFD), using third-party software and involving both internal and external subject matter experts.The analysis of physical climate risks covers a range of chronic and acute climate-related hazards in line with the EU Taxon-omy. Hazards deemed irrelevant to Vestas’ business operations are excluded. Relevant climate metrics are projected across future-looking scenarios and time horizons. Physical risks are assessed at the site level for our manufacturing facilities, warehouses, and critical suppliers using geospatial coordinates, and at the national level for construction and service sites. For new development projects, detailed desktop analysis,  including assessment of site-specific climate metrics, is con-ducted in the initial planning phase.Changes in specific climate variables are assessed using three of IPCC’s Shared Socioeconomic Pathways (SSP); SSP126, SSP245, and SSP585. SSP126 is an aggressive mitigation scenario, where consumption is focused on minimising mate-rial resources and energy usages, and net-zero is reached  after 2050. SSP245 is a ‘middle-of-the-road’ scenario, where emissions remain around current levels until mid-century from where they decline towards 2100. SSP585 is a high-emission, worst-case scenario, where fossil-fuel development and  dependence continue throughout the 21st century.The key drivers of these scenarios are relevant to Vestas, as they give an indication of the political development and the growth of renewable versus fossil energy sources across  different time horizons. The scenarios used to assess physical risks allow estimation of the potential for significant impair-ment damages to assets in our manufacturing facilities that significantly contribute to property, plant and equipment as presented in note 3.2 in the financial statements. The scenarios are assessed across three different time horizons: short-term 2030 (2021-2040), mid-term 2050 (2041-2060),  and long-term 2070 (2061-2080). The time horizons are different from those in the ESRS.  Although the risk of drastic environmental changes is most significant in the long-term, the average lifetime of our assets, our strategic planning horizon, and our capital allocation plans do not stretch beyond the medium term. Therefore, assessing physical risks in the short and medium term is most strategi-cally relevant. The materiality of both acute and chronic physical risks is determined using a consequence/likelihood scale, based on their potential impact on Vestas’ operations and assets.The analysis of transitional climate risks covers Vestas at entity level, our supply chain, and key stakeholders, such as customers and investors. No transition risks are excluded from the analysis.Transition climate risks and opportunities are identified through literature review and engagement of internal and ex-ternal subject matter experts. A list of sector-specific risks on policy, technology, market and reputation are identified along-side a list of sector-specific opportunities related to resource efficiency, energy sources, products and service, and markets. No assets or business activities are considered incompatible with the transition to a climate-neutral economy.Afterwards, these risks and opportunities are ranked based  on their potential impact on Vestas using a consequence/like-lihood scale. The assessment of the potential impact of the most material transition risks and opportunities is based on two different scenarios and assessed across three different time horizons; short term (one-five years), medium term  (five-10 years), and long term (10-30 years). The scenarios used are the International Energy Agency’s Net Zero Emissions by 2050, representing a climate scenario in line with limiting global warming to 1.5°C, and the Stated Pol-icy Scenario, representing a more conservative benchmark for the future, not taking for granted that governments will reach all stated goals and energy-related objectives. We recognise that assessing impacts, risks, and opportunities related to future climate patterns and political and market  developments relies on assumptions such as levels of atmos-pheric GHG concentrations and technology advancement.  We respect this degree of uncertainty in our evaluation of  materiality. For results, actions, metrics, and targets related to climate change mitigation and adaptation, see pages 86-87.E2-IRO-1; IRO-2 Pollution-related impacts, risks, and opportunitiesPollution-related IROs are identified based on the global  environmental mapping and impact assessments developed in collaboration with third-party experts. The materiality of the IROs is evaluated by internal subject matter experts. We have not yet consulted affected communities in the assessment of pollution-related IROs.E2 Pollution is excluded from our scope of reporting, as we have not identified any material IROs related to pollution in our own operations, and we need to further refine our assess-ment of the impact in our upstream and downstream value chain with more robust data to corroborate our initial assess-ment of immateriality. We actively work to prevent pollution from materials and substances across Vestas’ business areas in line with the Vestas Prohibited and Restricted Substances Management document.E3-IRO-1Water and marine resources related impacts, risks, and opportunitiesWater-related IROs are identified based on a global environ-mental mapping, impact assessments developed in collabora-tion with third-party experts, and through use of third-party software. The assessment covers our entire value chain.  The materiality of the IROs is evaluated by internal subject matter experts. We have not yet consulted affected communities in the assessment of water-related IROs. E3 Water is excluded from our scope of reporting in 2025, as we have reevaluated the severity scoring of water consumption and consequently it no longer meets the materiality threshold.E4-IRO-1Biodiversity and ecosystems related impacts, risks, and opportunities Our biodiversity and ecosystems-related IROs are identified based on a global environmental mapping, impact assess-ments developed in collaboration with third-party experts,  and through use of third-party software. The assessment  covers our entire value chain.The biodiversity impact assessment follows best practice in-ternational standards like the Task Force on Nature Related  Financial Disclosures. It is aligned with our GHG boundaries and uses Life Cycle Impact Assessment (LCIA) results and transaction data to estimate potential midpoint environmental impact categories such as global warming and land use.The analysis of transition and physical biodiversity risks (in-cluding systemic risks) allows assessment of biodiversity risks across future scenarios and time horizons. See “Climate-related impacts, risks, and opportunities” for more information on the scenarios used in the analysis. No specific assessment criteria were applied in the analysis because of our material biodiver-sity impact. Through geospatial coordinates we map the proximity of our factories to biodiversity-sensitive areas such as Natura 2000. None of our facilities located near biodiversity-sensitive areas have been assessed to lead to material deterioration or distur-bance of natural habitats or the habitats of species.We analyse dependencies on biodiversity and ecosystems at the sector level (Electric Energy Production and Metals &amp; Min-ing) using third-party software. The assessment includes eco-system services with risk of being disrupted and the analysis covers our entire value chain.To identify opportunities, we engage our Sales and Public Affairs organisations to understand how developing and offering bio-diversity solutions that support no net loss (NNL) or even a net positive impact (NPI) can provide a competitive advantage for Vestas in the future.Affected communities were not consulted or involved in the materiality assessment. We have not identified any material negative impacts on priority ecosystem services of relevance to affected communities. It has not been concluded that it is necessary to implement biodiversity mitigation measures.  For more information about our approach to biodiversity,  see pages 93-94. E5-IRO-1Resource use and circular economy related impacts, risks, and opportunitiesOur circular economy and resource use related IROs are identi-fied by consulting internal subject matter experts, drawing on life cycle assessments (LCAs) of our products, and by analysing data from internal software platforms. We also consult external experts and stakeholders such as our customers but not affected communities. The assessment covers our entire value chain.Vestas conducts third-party ISO-reviewed LCAs of wind turbines to evaluate environmental performance from raw material ex-traction to end of life. Along with our new digital-twin platform that converts all financial transactions into quantified material inflows, this forms the foundation for our understanding of the environmental footprint with regards to resource inflows and outflows of our products. See pages 96-97 for more information. Data from Vestas’ manufacturing operations, reported via our waste management process, identifies all waste fractions and treatment methods relevant for own operations.G1-IRO-1Business conduct related impacts, risks, and opportunitiesVestas is committed to conducting business with integrity across all markets where we operate. Our strategy, built on  a foundation of compliance, sets the tone and direction for  fostering a strong culture of responsible business conduct.Business conduct related IROs are identified based on internal dialogues and interviews, data from internal software platforms and our global whistle-blower system, EthicsLine, our annual global compliance survey, assessments of lobbying activities and financial data from the Public Affairs department.  S1, S2, S3- IRO-1Own workforce, value- chain workers and community engagement related impacts, risks, and opportunitiesThe main assessment of our impact on people is informed  by our Employee survey, internal people data, our incident  management system and the Corporate-Wide Human Rights  Assessment (CW-HRA), a high-level due diligence process to identify and assess emerging human rights risks and impacts across our entire value chain. The CW-HRA enables us to identify salient risks, assess their severity and likelihood, and deter-mine appropriate mitigation actions. See “Statement on Due diligence” on page 121. Our CW-HRA involves consultations with external experts representing relevant rightsholders such as indigenous peoples, workers, and affected communities, Vestas’ senior manage-ment and internal subject matter experts, to ensure we under-stand how affected stakeholders are impacted and that we adhere to local as well as international expectations.SBM-3 Strategy resilienceIn 2025, we conducted an assessment of our strategic resilience, grounded in the methodologies and assumptions applied in our identification of IROs (see pages 77-78). This assessment also incorporated a structured dependency analysis on natural and social resources, with all evaluations considered from a short, medium, and long-term perspective as defined in ESRS 1. Our updated climate commitments, revised greenhouse gas reduction targets, and the next phase of our climate transition plan now demonstrate our capability to address material envi-ronmental IROs. On the social front, replacing our community beneficiary target with a social due diligence target reinforces our commitment to human rights and responsible business conduct. In addition, cyber security has been deemed to be  of double materality and is recognised as a key enabler for  advancing our ambition to lead the energy transition,  complementing our focus on energy security as an essential component of resilient and sustainable energy systems.  This integrated approach ensures that we address all material risks and opportunities across environmental and social dimen-sions in a cohesive manner. Looking ahead to 2026, we intend to enhance the strategic resilience assessment by refining our methodology. This will include integrating more advanced impact assessment tools, for example for biodiversity, strengthening the link to financial planning, and extending the analysis of medium- and long-term impacts, in full alignment with the requirements of the CSRD. Sustainability risk managementGOV-2 , GOV-5 Integrating sustainability in the ERM Annual Reporting WheelOur Enterprise Risk Management (ERM), Programme supports our sustainability reporting process. The aim of the ERM pro-gramme is to manage risks and support the fulfilment of our operational and strategic objectives, including sustainability.The features of the annual risk management and internal  control system are aligned with the annual integrated reporting process. Material risks from the double materiality assessment (topics with with double or financial materiality) and other op-erational areas feed into periodic risk reviews and thereby also the annual information flow managed by the ERM, involving Vestas governance bodies.Corporate Strategy, Enterprise Risk Management and Group Sustainability work together to ensure that opportunities are identified, assessed and incorporated into the annual activity wheel. An annual evaluation of strategic response is carried in a timely manner to ensure that risks are managed and relevant opportunities pursued. Vestas’ governance bodies have in this way been informed about material risks and opportunities supported by the existing governance, information flow and structure of the Enterprise Risk Management (ERM) programme, catering for oversight and consideration to their potential impact on strategy, deci-sions or other trade-offs associated with sustainability matters. The structure of the ERM Annual Wheel is illustrated on page 50.The scope of risks stretches from all relevant areas in terms of strategic, financial, operational, and compliance risks, including material sustainability topics such as anti-corruption and bribery. In terms of risk prioritisation, we aim to enhance our metho- dologies for identifying, assessing, and managing risks. Our risk prioritisation methodology is based on an assessment of risk severity (based on likelihood and impact) and mitigation effi-ciency (evaluating the effectiveness of current mitigation  actions). In 2025 the final discussion of prioritisation related to risks took place in a Risk Committee and the long-term emerging risks and opportunities were further aligned with Corporate Strategy. For a description of main risks identified and their mitigation strategies including related controls,  see “Main risks” page 51.In 2025, the internal Vestas threshold for material financial impact within the ERM framework was significantly increased. However, to ensure a consistent approach, it was decided to maintain the existing lower financial threshold (as applied in 2024) for sustainability-related topics and, where feasible, align these topics with those already defined by the ERM framework. Internal controlsIn 2025, Vestas improved internal controls to support accuracy and completeness of data reported in the Sustainability state-ment, ensuring alignment with both qualitative and quantitative data point requirements under the ESRS. These controls are performed by functional teams and further supported by quar-terly controls in ESG reporting team at group level.We evolved our approach to consolidating, controlling,  and reporting quantitative ESG data to ensure standardised  accounting procedures. More resources were also allocated to improve the overall sustainability governance and reporting, including data collection processes, consolidation and internal controls.Respective functional area owners also develop, maintain,  and ensure compliance with policies and procedures as well as local jurisdictional requirements, while central functional areas perform data aggregation and controls. From a third-party risk management perspective, Vestas maintains certifications in accordance with leading international standards, including ISO 9001 (Quality), ISO 14001 (Environ-ment), and ISO 45001 (Occupational Health and Safety).GOV-1, GOV-2 Sustainability governanceKey roles and responsibilities  1of Vestas’ governance bodiesThe responsibilities of Vestas’ governance bodies in general are outlined in our steering documents. A high-level outline of responsibilities related to impacts, risks, and opportunities is pres ented  below. The Board of Directors•  Ensures that relevant sustainability and ESG matters are incorporated into purpose, governance, strategy,  decisionmaking, risk management, and accountability reporting.•  Ensures that the understanding of sustainability and ESG priorities are aligned throughout the organisation, and defined targets and metrics are identified and monitored.•  Ensures that a sustainability governance structure is in place, with access to expertise and skills in sustainability matters. See "Evaluation of the Board’s work and composition", page 46, and "Management and Directorships", page 47 for more information. The Audit Committee•  Oversees impacts, risks, and opportunities, including stakeholder issues, policies, targets, actions, resources, data collection, and controls.•  Monitors the integrated reporting process, including quality control, risk management, key accounting policies, and assurance.•  Monitors compliance with applicable regulation (including review of Corporate Governance and Remuneration Report) and due diligence processes.Technology and Manufacturing Committee•  Monitors and evaluates sustainability topics in our own operations and supply chain, such as GHG emissions, waste, and safety.•  Monitors and evaluates the short- and long-term manufacturing footprint and production setup enabling corporate and sustainability strategies.•  Reviews regulatory reports such as the Corporate Governance report. Nomination &amp; Compensation Committee•  Monitors the implementation of our sustainability strategy in relation to human resources.•  Reviews the statutory reporting on Diversity and the Underrepresented Gender, Corporate Governance,  and Remuneration.•  Reviews the qualifications of the members of the Board and our Remuneration Policy.A review of the Board’s work in 2025 is available in the Corpo-rate Governance Report 2025.Executive Management Team•  The Executive Management Team: Reviews relevant material before being presented to the Board.•  Chief Sales Officer (CSO): Defines the sustainability strategy and oversees its implementation, including performance and monitoring of impacts, risks, and opportunities (managed by Group Sustainability that resides within CSO).•  Chief Financial Officer (CFO): Responsible for compliant reporting, internal controls, and assurance procedures around ESG quantitative data.  Internal functions•  Group Sustainability: Develops the sustainability strategy and drives execution on a practical level, in close collaboration with relevant functional areas. This includes target setting on functional and regional level as well as reporting on progress. Reports to the CEO monthly and the Executive Management Team several times a year. Reports frequently to the Audit Committee and Technology &amp; Manufacturing Committee, including the Board at least once a year. Group Sustainablity is responsible for qualitative compliance in collabo ration with subject matter experts (SMEs) and assurance providers. The SMEs engaged in compliance possess and leverage sustainablity-related expertise within each material impact, including climate change mitigation, circularity, and human rights. •  ESG Reporting: Responsible for quantitative compliance including accounting policies, data consolidation, controlling, and assurance. Also responsible for identification and assessment of financial risk and opportunities supporting double materiality assessment. •  Functional area sustainability leads: Define action plans related to priority projects and allocate resources to support the achievement of sustainability goals and targets within their business area.How the governance bodies are informed about sustainability mattersDuring the year, our governance bodies are informed about sustainability matters in the following reporting lines:•  The CFO gives an update on sustainability matters to the Audit Committee and the Board every quarter.•  The Vice President of Sustainability reports to the Audit Committee on performance on selected metrics relevant to key targets in the Sustainability strategy on a quarterly basis.•  The status of the due diligence framework is embedded in the Enterprise Risk Management risk cards, consolidated for the Audit Committee and the Board of Directors twice a year.•  Reviews of the effectiveness of our policies are distributed within Audit Committee meetings throughout the year.•  Key sustainability related targets are evaluated annually  by all governance bodies via dedicated KPI and Annual Report reviews .•  The material impacts, risks, and opportunities are presented to all governance bodies annually by the Vice President of Sustainability. Sustainability topics raised in 2025During 2025, the Board and Audit Committee were updated on CSRD in general, and more specifically the scope of reporting compared to previous reporting period, implications, and the governance structure supporting the oversight of material im-pacts, risks, and opportunities.Additionally, the Board and the Audit Committee received sev-eral updates during the year such as; status on sustainability performance indicators (CO2 and waste), safety and the total recordable injury rate. These are regular updates aligned with our annual reporting wheel, including the Interim Report for each quarter (including key sustainability figures) and policy reviews. The annual review revealed that only the parent company’s Diversity, Equity,  Inclusion and Belonging (DEIB) Policy needed an update.  The update related to the new Danish Gender Balance Act,  ref, the implementation of the EU Gender Balance Directive.(‘Administrative, Management, and Supervisory Bodies’) comprise the Board and the Executive Management Team. Our Rules and Procedure of the Board of Directors and Charter of the audit Committee provide further details on responsibilities in terms of reference and board mandates. MDR-PPolicy overviewThis section outlines the key policies that steer our management of material impacts, risks and opportunities (IROs) presented in the topic specific sections. For more information on how these policies relate to specific IROs, see the respective topic sections in the sustainability statement.In the following overview, ‘accountable’ is to be understood as the most senior level in the company accountable for the policy.MDR-P E1, E4, E5, S1, S2 , S1-1SQHE Policy and HSE FrameworkAccountable:  CEOScope:    All Vestas’ entities, employees, activities, products and services, including external  parties delivering services under Vestas’  operational control. Availability:   Corporate website, Vestas’ intranet.The Vestas Safety, Quality, Health, and Environmental (SQHE) Policy and Health, Safety, and Environmental (HSE) framework articulate Vestas’ commitments to safety, environmental stew-ardship, and quality, and are the foundation of a proactive and systematic approach to manage material impacts and risks identified. The approach is supported by our HSE management system, which is based on the principles of ISO 45001, ISO 14001, and ISO 9001. In line with these certifications, we have a well-defined process of capturing stakeholder interest as also outlined in our HSE framework. The IROs related to climate change mitigation and adaptation, energy efficiency and renewable energy deployment, circular economy, resource inflows and outflows, biodiversity and eco-systems, and health and safety are addressed through the  objectives in these two steering documents. The documents are reviewed periodically as per Vestas management system process.The effectiveness of the policy and framework is monitored by our leaders that are accountable for implementing these steering documents, acting and demonstrating leadership by intent, thereby empowering our people to make safe and ap-propriate decisions.Reports related to progress on climate change mitigation,  material efficiency, and injury rate performance are submitted to the Board of Directors on a quarterly basis and to the Executive Management team monthly.MDR-P S1, S1-1, G1-1Employee Code of ConductAccountable:  CEOScope:   Own workforce Availability:    Corporate website, Vestas’ intranet.  The Employee Code of Conduct (The Code) outlines the be-havioural expectations for Vestas’ employees globally. It defines our standards and commitments to conduct business with  integrity and to respect human rights wherever we operate. The Code defines our approach to manage material topics identified in S1 Own workforce, S3 Community engagement and G1 Business conduct. The Code was drafted and approved involving internal and ex-ternal stakeholders, representing different regions and functions across the organisation. It is reviewed annually and demon-strates Vestas’ commitment to the UN Guiding Principles on Business and Human Rights. In addition, it is in alignment with the Universal Declaration of Human Rights and the International Labour Organisation (ILO) Declaration of Fundamental Principles and Rights.Vestas employees must read and sign the Code when joining Vestas, and all employees are expected to act in accordance with the Code. Managers are expected to lead by example and promote a culture of integrity. Training sessions and awareness campaigns are carried out regularly on specific topics. If employees suspect a violation of the Code, they are expected to report this to whistle-blower system EthicsLine. This will allow Vestas to investigate and address the issue. Vestas has zero tolerance against retaliation towards whistle-blowers and witnesses. MDR-P S2, S3, S2-1Supplier Code of ConductAccountable:  CEO 1 Scope:   All value chain workersAvailability:    Corporate website, Vestas’ intranet  and  purchasing agreementsThe Supplier Code of Conduct is the starting point of our sup-plier due diligence framework and covers four main areas:  Human Rights (including specific labour rights, modern slavery and child and juvenile labour), Working with Integrity, Respect-ing the Environment, and Fair Business Practices. The Supplier Code of Conduct is aligned with the UN Global Compact principles, the ILO Declaration on Fundamental  Principles and Rights at Work, and the UN Guiding Principles on Business and Human Rights. Internal and external key stakeholders were involved in the drafting, review and ap-proval of the Code. It outlines the expectations we set for our suppliers in uphold-ing high standards of working conditions and other work- related rights within their operations and supports our man-agement of IROs related to value chain workers.We expect our suppliers avoid causing, or contributing to,  adverse human rights impacts across their own operations and supply chains, and within the local communities where they operate. We encourage suppliers to uphold inclusive and respectful workplaces, proactively manage risks in their supply chain, and take into account the human rights of all stakehold-ers impacted, paying specific attention to women, migrants, indigenous people, and vulnerable groups.The Supplier Code of Conduct is reviewed annually and sup-ported by global HSE Terms and Conditions that shall apply to all contractors performing work on behalf of Vestas relating to Transport, Customer Project Execution and Servce Operations and Management, including precarious work. The HSE terms and conditions introduces a stepwise approach that fosters continuous improvement in safety practice and culture. It em-phasises partnership to meet and exceed safety expectations and a fair and transparent consequence management. The re-quirements of the HSE Terms and Conditions communicated through purchasing agreements.MDR-P S1, S2, S3. S1-1,S2-1Human Rights PolicyAccountable:   Chair of the Board of DirectorsScope:    Own operations and suppliers in a  contractual relationship with Vestas.Availability:   Corporate website and Vestas’ intranet. Vestas is committed to respect human and labour rights across our operations. Our Human Rights Policy supports the management material IROs across our own workforce (e.g., health and safety), value chain workers (e.g., child labour)  and affected communities (e.g., indigenous people). The policy is in alignment with the International Bill of Human Rights, the UN Declaration on the Rights of Indigenous Peoples, ILO Convention No. 169 and ILO core conventions on labour. Where local laws and regulations set lower standards, Vestas will seek ways to honour international human rights principles. Internal key stakeholders have been involved in the drafting, review and approval of the policy.Vestas does not tolerate threats, intimidation, or attacks  – physical, legal, or otherwise – against individuals or groups lawfully exercising their rights to freedom of expression,  association, peaceful protest, or assembly. We engage with  affected rights holders, provide accessible grievance mecha-nisms, and commit to remedying adverse impacts we cause  or contribute to Recognising community engagement, indige-nous and tribal people’s rights, land acquisition, and resettle-ment as salient human rights issues for our industry, the policy also outlines our approach to managing impacts on the right to Free, Prior and Informed Consent and other land-related community impacts.To monitor compliance with these commitments, Vestas internally tracks and monitors progress against several salient human rights issues, including community-related impacts identified in our latest Corporate-Wide Human Rights Assessment. We monitor the Business &amp; Human Rights Resource Centre on a regular basis, and external human rights benchmarks that assess our commitments to the UN Guiding Principles on Busi-ness and Human Rights, and the ILO Declaration on Fundamen-tal Principles and Rights at Work. The policy is reviewed annually and implementation of the pol-icy in the supply chain is monitored through our due diligence framework and cases raised through grievances mechanisms.S1- MDR-P; S1-1 Diversity, Equity, Inclusion,  and Belonging (DEIB) PolicyAccountable:   Board of DirectorsScope:    Own workforce, including groups at particular risk or vulnerability related to gender,  ethnicity, age, and seniority.Availability:    Corporate website, Vestas’ intranet, internal communication and training sessions The Diversity, Equity, Inclusion &amp; Belonging (DEIB) Policy out-lines Vestas’ approach and commitments to DEIB. The policy includes our DEIB mission statement and commitment to en-suring all potential, future and current employees are guaran-teed equal opportunities and fair treatment, regardless of their background. The policy prioritises commitments to diversity, equitable opportunities, an inclusive culture, inclusive leader-ship, and a respectful, discrimination-free workplace that adapts to regional needs. The policy focuses on people from groups at particular risk  of vulnerability and discrimination related to gender, ethnicity, age, seniority and other forms of discrimination as required by Union regulation and national law. By focusing on equitable opportunities, Vestas ensures that all employees, regardless of their background or individual circumstances, have access to resources and support needed to succeed and thrive. In case of discrimination, Vestas encourages employees to utilise our whistle-blower platform EthicsLine.Our DEIB policy is shaped by ongoing input from key stake-holders – including our regional DEIB networks, employees, customers, and community partners – ensuring it aligns with their priorities and promotes inclusivity across all regions. The policy is reviewed every third year and details DEIB initia-tives as well as key principles to ensure all initiatives are im-plemented successfully. Our EthicsLine procedures are closely connected to how discrimination is acted upon. The Nomina-tion and Compensation Committee reviews the DEIB status and strategy annually and the Board discusses overarching  diversity principles. The Chief People &amp; Culture Officer (CPCO) ensures execution with support of the Head of Global DEIB. MDR- P S1Business Ethics PolicyAccountable:   CFOScope:   Own workforceAvailability:   Vestas’ intranet Vestas has several policies and instructions to support em-ployees in complying with applicable anti-bribery and corruption legislation such as the Foreign Corrupt Practices Act (FCPA) from the United States and the UK Bribery Act (UKBA) from the United Kingdom. These policies and instructions address the identification, assessment, management, and remediation of material IROs related to business ethics. The Business Ethics Policy covers business conduct matters related to anti-corruption but it also sets the framework for  responsible political engagement at Vestas. It is reviewed an-nually and establishes key principles, such as the prohibition of corporate donations to politicians.To implement the policy, our Global and Regional Compliance Programmes outline training activities for office employees and service technicians, focusing on high-risk employees.  Internal stakeholders are considered when setting the policy.G1, MDR-P S1, S2, S3EthicsLine PolicyAccountable:   CFOScope:    Own workforce and third parties including suppliers and customers. Availability:    Corporate website, Vestas’ intranet redirecting to the externally hosted EthicsLine platform Vestas is subject to legal requirements under national law transposing Directive (EU) 2019/1937 on the protection  of whistle-blowers, and complies with equivalent standards  ensuring safe reporting, protection against retaliation, and in-dependent investigation mechanisms.The EthicsLine Policy sets the framework for our whistleblower system, designed to investigate violations of the Vestas Em-ployee and Supplier Codes of Conduct, policies and violations of law. The policy emphasises a safe reporting environment and details how individuals reporting or supporting investiga-tions are protected from retaliation. The policy is reviewed annually and is implemented by the EthicsLine function and Group and Regional Ethics Committees. The Group Ethics Committee and Regional Ethics Committees are mandated by the CFO to review investigation findings and determine appropriate decisions and actions, including disci-plinary sanctions.The Audit Committee of the Board receives quarterly reports from EthicsLine with key trends and statistics as well as relevant and anonymised details from EthicsLine reports.MDR-P S2, S2-1Conflict Minerals PolicyAccountable:    Senior Vice President &amp; Head of Global Procurement Scope:   Selected direct suppliersAvailability:  Corporate website and Vestas’ intranetThe Conflict Minerals Policy is reviewed every second year and reflects our commitment to responsible sourcing practices in line with the Organisation for Economic Co-operation and  Development (OECD) Guidelines for Multinational Enterprises on Responsible Business Conduct. Through our Conflict Minerals Programme, we engage with suppliers to ensure that minerals and metals – particularly tin, tantalum, tungsten, and gold (3TGs) – used in our products are not sourced from conflict-affected or high-risk areas. Such ar-eas are typically characterised by armed conflict, widespread violence, child labour, or other severe human rights concerns. Vestas monitors conditions affecting workers across our value chain and leverages our influence by requiring suppliers to carry out additional due diligence within their own supply chains whenever potential issues are identified.BP-1Basis for preparationGeneral basis for preparation  of the Sustainability statementScope of consolidationThe Vestas Sustainability statement covers data and informa-tion aligned with our 2025 calendar year, from 1 January to 31 December. The Sustainability statement is prepared on a consolidated basis. The scope of consolidation is aligned with that of our  Financial Statements and includes Vestas Wind Systems A/S (the parent company) and all subsidiaries over which Vestas Wind Systems A/S exercises control. An overview of Vestas’ legal entities is provided on pages 173–174. No subsidiaries are exempted from individual or consolidated sustainability reporting, however, for certain social and governance metrics (see details under estimates and judgements), consolidation of data for LM Wind Power Blades (Poland) Sp.z.o.o., acquired on 1 September 2025, was not available. The effect is consid-ered immaterial.In accordance with European Sustainability Reporting Standards (ESRS) guidance, the consolidation scope for disclosures related to E1-6 and SBM-3 under E4 also takes operational control into account.We follow the European Sustainability Reporting Standards (ESRS) in terms of metrics and value chain data boundaries. Any exceptions are detailed in the accounting policies placed after each topical standard. Following our Double Materiality Assessment (DMA) process 2025, the following sub-topics are no longer considered ma-terial compared to previous reporting year: Water Consumption, Corporate Culture, Transparent Tax and Protection of Whistle- blowers. As a result, we are reporting on sixteen sub-topics this year, down from twenty. One sub-topic – Cyber security – has been identified as entity-specific due to its relevance to our operations.Vestas has not omitted any information based on intellectual property, know-how, or the results of innovation.Value chainVestas has conducted a double materiality assessment covering the upstream and downstream value chain. Vestas’ Sustaina-bility Statement covers both upstream and downstream value chain impacts, risks, and opportunities, including environmental, social, and governance (ESG) factors such as greenhouse gas (GHG) emissions, resource use, and labour conditions. In its materiality assessment, Vestas includes these factors across its value chain. This approach extends to Vestas’ poli-cies, actions, and targets, which focus on reducing emissions, improving resource efficiency, and promoting ethical labour practices. Additionally, Vestas incorporates both upstream and downstream value chain data into its sustainability metrics.The Sustainability Statement covers the value chain of Vestas with respect to impacts, risks, and opportunities in the main parts of our upstream and downstream value chain. Our poli-cies, actions, and metrics extend to the entire value chain when relevant.BP-2Disclosures in relation to specific circumstancesTime horizonsVestas applies time horizons consistent with the ESRS when assessing sustainability IROs. These are defined as short  (&lt; one year), medium (one to five years), and long-term (&gt; five years).These time horizons guide our sustainability disclosures.  For strategic planning and Enterprise Risk Management (ERM), Vestas may apply internal timeframes – typically under three years for persistent risks and longer for emerging or strategic risks. These are reviewed annually to stay aligned with business priorities and external expectations.Changes in preparation or presenta-tion of the Sustainability statementScope 3 GHG emissions In 2025, Vestas transitioned to a spend-based boundary for calculation of Scope 3 GHG emissions. This change imple-ments a more comprehensive and accurate representation of Vestas’ upstream and downstream emissions boundary. Additionally, Vestas has implemented a new digital-twin platform that converts financial transactions into GHG emissions (and material and resource flows), further automating our global accounting method. In parallel, we are actively advancing the collection of primary data from suppliers, which will significantly enhance the accuracy and granularity of our emissions reporting over time. Although the impact of the restatement is below the materiality threshold required by our policy, we have chosen to restate the Scope 3 figures resulting from the methodology change to en-hance transparency and ensure comparability going forward.Biogenic Scope 3 GHG emissions have been restated in line with the updated methodology, resulting in an updated figure of 60 kt CO₂e, compared with the previously reported 1 kt CO₂e (514 tonnes CO₂e). The increase in absolute biogenic emissions is primarily driven by the greater coverage of emis-sion factors applied under the 2025 methodology, compared to 2024. Under the updated approach, 76 percent of the emissions are based on activity data while 24 percent are based on estimates due to unavailability of information. Previously  Restated reported   figure(million t (million t Change CO2e)CO2e)(%)Scope 3 GHG emissions 2024 7.99 8.14 1.88Scope 3 GHG emissions intensity (target scope) (kg CO2e per MWh generated) 2024 5.66 5.53 (2.30)Vestas’ Scope 3 GHG emissions target was revalidated by the Science Based Targets initiative (SBTi) in 2025, using a new baseline year of 2022 and incorporating the updated spend-based calculation boundary.The target still refers to an intensity value (kg CO2e per MWh generated) Total Recordable Injuries per million working hours (TRIR) and Lost Time Injuries per million working hours (LTIR) In 2025, we enhanced our methodology for tracking working hours related to contractor activities in Service and Construction. Previously, the actual-hours method was used for third-party contractors on-site. This method was subject  to low registration practices. The new method utilises planned hours contractually agreed and assigned by site managers and aligns with the approach used for salaried employees by applying planned working hours. The improvement was applied from 2024 and led to the identification of approximately 11 million additional work-ing hours for the affected contractors, significantly improving the accuracy of our safety-related metrics.Due to data limitations, it is not feasible to retrospectively  apply this correction to years prior to 2024. Previously Restated Change reportedfigure(%)TRIR 2024 3 2.7 (10.0)LTIR 2024 1.2 1.1 (8.3)Estimates and judgementsEstimations affecting TRIRThe revised methodology introduces a degree of estimation for contractor working hours, as planned hours may differ from actual hours worked. While this approach significantly improves completeness and consistency compared to time registration, it relies on contractual assumptions rather than actual time records. These estimations are not expected to materially impact overall trend analysis or conclusions.Employees from acquisition LM Wind Power Blades (Poland) Sp.z.o.o. was acquired on  1 September 2025 and their data integration into Vestas’ P&amp;C systems was underway at the end of reporting period. As a result, the characteristics of these employees such as age, gender, and contract type are not available and hence presented in a separate row in 'S1-6 Characteristics of employees' and 'S1-9 Diversity' tables on pages 107 and 104 respectively. For the metrics in the folowing table, data for these employees has been excluded. Disclosure requirement LabelReferenceWorkforce covered by health and safety management system S1-14 Page 102Women in leadership positions S1-9 Page 104Women in Top Management S1-9 Page 104Remuneration metrics S1-16 Page 104Employee turnover S1-6 Page 107For more information on this acquisition, refer to note 3.5 ‘Acquisition of businesses’ on page 156 in the Consolidated Financial Statements.GHG emissionsIn reporting emissions from short-term vessel lease arrangements, Vestas applies accounting judgement to determine and report these emissions as Scope 3.Value chain estimation There are inherent sources of estimation and uncertainty  in GHG emissions, resource inflows, outflows, and working conditions within the value chain. These uncertainties stem from the methodologies, assumptions, and industry factors employed in the calculations and models. To minimise these uncertainties and maintain transparency, Vestas follows established standards and protocols. While Vestas does not consider any of its metrics to be subject to high levels of measurement uncertainty, certain areas do introduce varying levels of uncertainty.Life Cycle Assessments Vestas uses Life Cycle Assessments (LCA) to conduct thorough ‘cradle-to-grave’ evaluations of environmental impacts across its products and operations. These assessments factor in the expected durability of products, measured through on-site longevity. Uncertainty source: The duration of the turbines’ life is one key area of uncertainty.While Vestas is an established leader in wind turbine manufac-turing with extensive historical data, there is still some degree of uncertainty in the longevity estimates of the turbines.  Vestas has also collaborated with WindEurope and International Energy Agency to support harmonising LCA methodology across the wind industry. Resource inflows When direct data is not available, Vestas utilises sector  averages and proxy data, particularly for upstream activities. These proxies are drawn from the life cycle assessments,  industry benchmarks, and peer data. Through implementing a new digital-twin platform we have changed database in 2025 for the estimation of secondary reused materials. This new method includes some uncertainty due to reliance on sector- average emission factors in areas with limited supplier data. Uncertainty source: The reliance on proxy data for estimating resource inflows and outflows brings moderate uncertainty. Vestas mitigates this by further collaborating with suppliers to improve the accuracy of data collection in upstream activities. Disclosures from other legislation or sustainability reporting standards This report contains disclosures as per the Commission Delegated Regulation (EU) 2026/73 amending the Delegated Regulations (EU) 2023/2486 for our Taxonomy disclosures, see page 99 and pages 129-132.European standardsVestas uses Life Cycle Assessment (LCA) methodology to evaluate full life- cycle potential impacts of products and  technologies, and seeks external third-party statement of conformity with ISO standards ISO 14040/44. Similarly,  Vestas’ Health and Safety Management System is based on legal requirements and adheres to the recognised ISO 45001 standard. The processes used for sustainability reporting pur-poses have been verified by an external assurance provider and found to conform to the corresponding standard. Use of phase-in and voluntary provisions Vestas has opted to apply all applicable phase-in provisions introduced by the Delegated Regulation (EU) 2025/4812 (“Quick Fix”). Accordingly, Vestas’ 2025 phase-in approach therefore remains consistent with that of 2024, as the regula-tion extends previously available deferral options.Voluntary disclosures are provided only where necessary to ensure a fair and balanced understanding of the subject matter, including selected voluntary disclosures under E4, S2, and S3 as introduced by the “Quick Fix”. Incorporation by reference Vestas has utilised ESRS’ “Incorporation by reference” approach for improved narrative purposes. Below is the list of disclosure requirements incorporated by reference and their location.Disclosure requirement   Label ReferenceThe cost structure and revenue of its business segments, in line with IFRS 8 disclosure requirements in the financial statement, where applicable SBM-1 Note 1.1, Segment information, pages 139-140Composition, diversity, and evaluation of expertise of the administrative, management, and supervisory bodies GOV-1 Management, pages 44-48Percentage of independent board members GOV-1 Management, page 44Policies adopted to manage material sustainability matters  MDR-P Policy overview, pages 80-81Incentive schemes and remuneration policies linked to sustainabliity matters for members of Vestas governance GOV-3bodies, including climate related considerationsE1-13 Vestas Remuneration Report, page 10, 14The expertise of the administrative, management, and supervisory bodies on sustainability topics, including GOV-1; Management, pages 47-48, and Risk business conduct mattersG1- GOV-1management, page 50  Statement on due diligence   GOV-4 Statement on due diligence, page 121Disclosure requirements in ESRS covered by Vestas’ Content index of ESRS disclosure requirements, sustainability statement IRO-2  pages 122-123  IRO-2; List of data points that derive from other EU List of data points that derive from other EU legislation ESRS 2 legislation, pages 124-128 List of subsidiaries exempted from individual or consolidated sustainability reporting pursuant to Articles 19a(9) or 29a(8)of Directive 2013/34/EU  BP-1 Note 6.5, Legal entities, pages 173-174 Current financial effects of Vestas’ material impacts, risks, Note 7.2, Key accounting estimates and and opportunities  SBM-3 judgements, page 177 Environmental information  E1Climate ChangeSBM-3 Impacts, risks,  and opportunities   Scope 1, 2, &amp; 3 GHG emissionsType of impact: Actual, negative impactLocation in the value chain: Entire value chainTime horizon:  Short-, medium- and long-termNature of activity: Direct impact of emissions from our own operations. Indirect impact of emissions from our supply chain through business relationships with suppliers. Description: The Greenhouse Gas (GHG) emissions from our own operations and supply chain have a material negative  impact on the climate. In 2025, 109 kt of combined Scope 1 and 2 emissions were emitted. Scope 1 emissions are primarily driven by fossil fuels. Scope 2 emissions are driven by electric-ity and district heating.  In 2025, our absolute Scope 3 emissions were 9.34 Mt CO2e (2024: 8.14 Mt CO2e), and our Scope 3 emission intensity was 6.39 kg CO2e/MWh (2024: 5.53 kg CO2e/MWh). Scope 3 emissions comprise more than 99 percent of our total green-house gas emissions (2024: 98.8 percent) and are primarily driven by purchased goods and transport. To mitigate the impact of Scope 1, 2, and 3 GHG emissions,  we have set GHG emission reduction targets and established a transition plan for climate change mitigation, with actions implemented across the organisation. See pages 86-87 for more information about our decarbonisation levers and miti-gation actions.    Catalysing sustainable developmentType of impact: Actual, positive impactLocation in the value chain: Entire value chainTime horizon:  Short-, medium-, and long-termNature of activity: Direct impact through industry-leading  initiatives. Indirect impact though business relationships that enable these initiatives.Description: Vestas is a global leader in sustainable energy solutions. Through engagement in industry associations  and coalitions and spearheading decarbonisation initiatives,  such as engaging with steel suppliers to stimulate demand  for low-emission steel and piloting renewably fuelled service  vessels, we are driving the transition to a sustainable future.    Enabling the green transition Type of impact: Actual, positive impactLocation in the value chain: DownstreamTime horizon:  Short-, medium-, and long-termNature of activity: Directly enabling companies and society  to reduce GHG emissions through our solutions.Description: As a global partner on sustainable energy solutions, Vestas plays a pivotal role in expanding access to renewable energy worldwide and contributes to mitigating climate change by enabling businesses and society to reduce their greenhouse gas emissions. Vestas’ wind turbines produced and shipped in 2025 are  expected to avoid 463 million tonnes of GHG emissions over their lifetime, equivalent to about 88 million US homes’ elec-1tricity consumption for one year. The expected annual GHG emissions avoided by Vestas’ total aggregated installed fleet is 245 million tonnes at the end of 2025.   Energy  consumptionType of impact: Actual, negative impactLocation in the value chain: Own operationsTime horizon:  Short-, medium-, and long-termNature of activity: Direct impact from energy consumed  during manufacturing, construction, and service.Description: Energy is consumed during the manufacture of wind turbine components and the construction and servicing of wind parks. Energy consumption in our own operations relies on fossil fuels, leading to resource depletion and emissions that negatively impact the climate. Reducing reliance on fossil fuels is part of our strategy to cut the emissions from our own operations in half by 2030.   Low-emission  materials Type of impact: Financial opportunityLocation in the value chain: DownstreamTime horizon: Medium- and long-term Description: Decarbonising high-emission materials used  in our wind turbines is critical to meet our Scope 3 emission  reduction target. Steel and iron have the greatest impact,  accounting for about 41 percent of our Scope 3 emissions (2024: 50 percent). By building a value chain for low-emission materials in collaboration with suppliers and customers, we enhance the sustainability of our value proposition and enable Vestas to win tenders with non-price criteria, presenting a sig-nificant financial opportunity.   Growth rate of the wind industryType of impact: Financial opportunityLocation in the value chain: DownstreamTime horizon: Medium- and long-term Description: Governments worldwide have set progressive targets for the expansion of wind energy to meet the tempera-ture threshold of the Paris Agreement. More than 980 GW of new onshore and offshore capacity is expected to be added from 2025 to 2030, reflecting a compound annual growth 2rate of 8.8 percent for that period. As a global wind turbine solutions provider, we are well positioned to capitalise on this significant financial opportunity (see page 16 for more infor-mation on our market outlook).    Carbon taxes and tariffsType of impact: Financial transition riskLocation in the value chain: Own operationsTime horizon: Medium- and long-termDescription: Our business outlook is influenced by political and legal developments. Political and market transition risks, such as carbon taxes, can financially impact Vestas. High carbon taxes and tariffs will increase the cost of GHG-intensive mate-rials like steel, raising the overall cost of wind turbines. If we cannot distribute these costs along our value chain or transi-tion to low-carbon alternatives fast enough, our cost base may be impacted. 1   Source: US Environmental Protection Agency: Greenhouse Gas Equivalencies Calculator.2   Source: Global Wind Energy Council: Global Wind Report, April, 2025. E1-1, MDR-A Transition plan for climate change mitigationWe are committed to powering the green transition, and we have set progressive strategic ambitions to mitigate climate change. Vestas is included in the EU Paris-aligned Benchmarks, and our GHG emission reduction target for our own operations is validated by the Science Based Targets initiative (SBTi),  in line with limiting global warming to 1.5°C and the Paris Agreement.GHG emission reduction targets:•   Reduce GHG emissions in our own operations by 50 percent by 2030 without using carbon offsets, from a 12022 baseline. •  Reduce GHG emissions from our supply chain by 45 percent per MWh generated by 2030, from a 2022 2baseline. To understand our impact, and to set clear targets and mile-stones to reduce our carbon footprint, we have worked with carbon accounting for many years. The capability to analyse our footprint enables us to adapt our strategy and business model, with management reviewing the progress towards our emission reduction targets on a quarterly basis.To progress against these targets, we have identified the  following decarbonisation levers and implemented climate change mitigation actions within these areas, which are out-lined in more detail in section under “Actions and resources” .Decarbonisation levers:•   Transition to renewable energy across our own operations to reduce Scope 1 and 2 emissions.•  Work with suppliers to reduce supply chain Scope 3 GHG emissions from raw materials, component manufacturing, and global transport.In 2025, we continued to source 100 percent renewable elec-tricity across our own operations globally, and 98 percent of our benefit cars were electric or hybrid vehicles by the end of year. We also continued to focus on reducing GHG emissions from our service activities, as they make up 76 percent of GHG emissions in our own operations. To drive future reductions in our supply chain emissions, we secured additional orders for low-emission steel in 2025.We have allocated EUR 0.3m in CAPEX (2024: EUR 0.5m) and EUR 32.4m in OPEX (2024: EUR 23.2m) in 2025 to support the implementation of the decarbonisation levers. The OPEX and CAPEX are aligned with the EU Taxonomy. We expect our alignment to remain high in the foreseeable future. For more information on the key performance indicators of the EU  Taxonomy, see pages 129-132. None of our assets are identified to have locked-in emissions. Our products do not generate significant emissions during their operating lifetime and the key assets in our own opera-tions such as vehicles and factory heating systems can be  replaced by sustainably fuelled alternatives.The transition plan, including its targets and required invest-ment level, has been approved by the Executive Management Team and the Board.E1-SBM-3, E1-4 Resilience analysisOur climate scenario analysis supports the identification of material impacts, risks, and opportunities (IROs) and the as-sessment of the resilience of our business against climate change. It covers our entire value chain, prioritising areas we can directly impact, and does not exclude any relevant physical or transition risks. For more information related to the scenarios and time horizons applied in the analysis, see page 77.While physical risks like water stress and extreme rainfall may impact operations across our value chain, the impact is not ex-pected to materially delay or damage assets and therefore is not financially material. However, we recognise that analysis of the future is based on significant uncertainties and assumptions due to e.g., market developments and evolving climate patterns.As a global partner on sustainable energy solutions, we are well-positioned to exploit opportunities from the transition to a sustainable economy. Where our operations are exposed to acute and chronic climate risks that could disrupt our business activities, we have the organisational and strategic priorities in place to address them. However, aligning our own operations with ambitious climate targets and mitigating financial impacts from carbon taxes and tariffs requires significant investments, and some neces-sary solutions are still immature from a technical or commer-cial perspective. Our business outlook also depends on political action; without supportive policies, our industry may struggle to meet global climate targets. Despite these risks, we have the strategic pri-orities in place and are making the necessary investments and mitigating actions to address them.MDR-P; E1-2 PoliciesOur Safety, Quality, Health, and Environment (SQHE) Policy outlines our approach to manage environmental, health, and safety matters across our organisation. It addresses matters such as climate change mitigation, climate change adaptation, energy efficiency, and renewable energy deployment.Together with our Health, Safety, and Environment (HSE) framework it outlines how we manage environmental IROs  under E1, E4, and E5. For more information on the SQHE  policy and alignment with MDR-Ps see the Policy overview on page 80.MDR-A, E1-3, E1-4 Actions and resourcesOur transition plan is structured around the two overarching decarbonisation levers, for which we have established key  actions and allocated resources to meet our emission reduction targets.We track progress on the key actions across all geographies where we operate, and we work on implementation with stake-holders across our manufacturing, construction, and service operations, as well as with our suppliers.Transition to renewable energy across our own operations to reduce Scope 1 and 2 emissions Power Vestas premises with renewable energySince 2020, we have sourced 100 percent renewable electric-ity across our own operations globally through the purchase of renewable electricity credits. We are also transitioning to re-newable energy sources in our factories. In 2025, we replaced several fossil-fuelled factory forklifts with electric models and installed an additional biomass boiler at our Daimiel factory, ensuring renewable heating. At the end of 2025, five of our 314 factory heating systems were renewably fuelled.Phase out vehicles powered by fossil fuelsAt the end of 2025, 25 percent (2024: 26 percent) of  the 6,647 vehicles (2024: 6,676) in our service fleet were  4renewably fuelled, a 1 percentage point decrease from 2024.  We have established regional targets for EV adoption to acce- lerate the transition to renewably fuelled vehicles across our service fleet. In 2025, we increased the share of (PH)EVs in our benefit car fleet to 98 percent, from 92 percent in 2024. We continue to invest in charging infrastructure across our main locations, including signing an agreement in 2025 with Clever to install 160 chargers across our Danish facilities,  providing nearly 300 charging points.Pilot sustainable fuels for offshore activitiesWe are exploring renewable fuels to reduce GHG emissions from offshore service operations. In 2025, a 100 percent methanol-powered crew transfer vessel joined our offshore service fleet, as part of a 10-year charter agreement with Northern Offshore Service. The vessel was operational for  a period but required some updates followed by a new class  approval. During this phase, it operates on MGO, with the am-bition to return to 100 percent methanol operations in 2026. This pilot project involves transporting our service colleagues to and from the Arcadis Ost wind park in the German part of the Baltic Sea. In 2025, we expanded the use of Sustainable Aviation Fuel (SAF) to reduce GHG emissions from project-related flights  in the North Sea, building on the successful SAF pilot project  in 2024 at the Baltic Eagle wind farm in the Baltic Sea.1   Progress is measured on the total combined Scope 1 and (market-based) Scope 2 emissions.2    Vestas has a Scope 3 SBTI-validated target to reduce GHG emissions from our supply chain by 66.33 percent per MWh generated by 2035, from a 2022 baseline.3    Heating systems running or supported by renewable electricity, renewable fuel, renewable energy, renewable district heating, renewable gas or biomass.4   Vehicles fuelled by electricity, HVO100, Bio-(M)Ethanol, green-hydrogen, or green-ammonia. 86Vestas Annual Report 2025Work with suppliers to reduce supply chain Scope 3 emissions from raw materials, component manufacturing, and global transportWe are committed to decarbonising our supply chain, which accounts for more than 98 percent of our carbon footprint. Since 2020, we have worked to reduce emissions with our strategic suppliers. Today, we collaborate with strategic sup-pliers of steel, iron, blades, and transport, as these areas  account for a large share of Vestas’ Scope 3 emissions.To reduce Scope 3 emissions, we prioritise gathering sustain-ability data from suppliers, focusing on high-emitting sources like steel and blade production. This provides the basis for evi-dence-based target setting with suppliers and supports our overall Scope 3 reduction target. We are committed to conti- nuous improvement and driving the development of  supplier-specific sustainability data.Commercialise low-emission steel Decarbonising steel production is crucial to meet our reduc-tion targets. Furthermore, upcoming carbon taxes and tariffs will increase costs for imported conventional steel and thus  increase the need for emissions-reduced steel.In 2023, Vestas partnered with ArcelorMittal to manufacture low-emission steel by melting scrap steel in an electric arc  furnace powered entirely by wind energy, reducing GHG emis-sions by up to 66 percent compared to the conventional steel 1making routeIn 2025, Vestas received orders for more than 22,000 tonnes of low-emission steel on the projects Nordlicht phase 1 and 2 and Clashindarroch. This amount of low-emission steel avoids approximately 37 kt CO2e compared with conventional steel. Although low-emission steel is currently included in only a small share of our constructed projects, we are working closely with partners across our value chain to increase its adoption.Achieved and expected GHG  emission  reductionsOur combined Scope 1 and (market-based) Scope 2 GHG emissions have increased by 9 percent from our 2022 base-line. For Scope 3, we have achieved a 10 percent decrease in emissions intensity (kg CO2e / MWh) since our 2022 baseline. The emission reduction expected by 2030, compared to our 2022 baseline, is a 50 percent reduction for Scope 1 and 2, and a 45 percent reduction in intensity for Scope 3. We intend to complete our actions by 2030, which is the target year of our near-term GHG reduction targets.Operating expenses (OPEX) and capital expenditures (CAPEX) related to emission reduction  actionsOur ability to implement GHG reduction actions depends on the allocation of resources. In 2025, we allocated EUR 0.3m  in CAPEX (2024: EUR 0.5m) and EUR 32.4m in OPEX (2024: EUR 23.2m) to support the implementation of the actions.  In 2026, we expect to allocate EUR 1.2m in CAPEX and EUR 32.2m in OPEX to support implementation of the transition plan. The type of financial resources allocated to achieve our actions are primarily employee costs, leasing costs of vehicles and capital expenditure related to software and property, plant, and equipment. The operating expenditure related to emission reduction ac-tions is included in notes 1.4 and 1.5 in the financial state-ments, while the capital expenditure is included in notes 3.1 and 3.2. Our OPEX and CAPEX related to the reduction of our GHG emissions are aligned in accordance with the Commission Delegated Regulation (EU) 2026/73. For more information on reporting on the key performance indicators in relation to the EU Taxonomy, see pages 129-132. MDR-T, E1-4 Metrics and targetsTargets related to climate change mitigationWe have set targets to mitigate our environmental impact in line with our commitment to manage our impact on climate change. The targets make up the first pillar in our sustainabil-ity strategy, which was developed by Group Sustainability in collaboration with experts across the organisation, reviewed by the Sustainability Committee at the time, and approved by the Executive Management and Board of Directors.  Through climate targets, we aim to meet the objectives of our SQHE Policy and HSE Framework (see page 80 for information about our policies).Approach to target setting and reviewsOur GHG emission reduction targets were originally validated by the Science Based Targets Initiative (SBTi) in 2020. In line with the SBTi five-year review cycle, in 2025, we reviewed our targets and submitted revised targets to SBTi for validation.In updating the targets, we have followed SBTi’s latest  standards for ambition level to ensure the targets are based on conclusive scientific evidence and consistent with our GHG inventory boundaries. We followed SBTi’s methodology and the Greenhouse Gas Protocol when defining the targets,  including adhering to SBTi’s cross-sector absolute reduction requirement for Scope 1 and 2, to reduce emissions at a mini-mum of 4.2 percent annually, regardless of business growth; this ensures the target is aligned with the emission reductions needed to adhere to the Paris Agreement 1.5°C scenario. There have been significant changes to our baseline, the Scope 3 metrics, and target calculation methodology during 2025, which are described in the “Basis for Preparation” on page 82 and under “Progress on Scope 1, 2, and 3 GHG emis-sions” on page 88. The performance on our original baseline and targets is described on page 89. We evaluate our performance on our Scope 1 and 2 target quarterly through reviews by members of Executive Manage-ment, the Audit Committee, and the Board of Directors.  Progress is communicated externally in our interim reports and internally in quarterly performance reviews and townhall meetings. We evaluate our performance on the Scope 3 target annually. The metric used is tonnes of CO2e for the combined Scope 1 and 2 absolute target, and kilogrammes of CO2e/MWh for the Scope 3 intensity target. The performance on these metrics  is also broken down by segment and region to understand trends and set specific CO2e reduction action plans. We ensure that our baseline value is representative by reviewing that the scope of activities remains the same year-on-year. Where activities have changed, the baseline has been adjusted so the scope is consistent from baseline year to target report-ing years. By doing so, we consider external factors and their influence on our baseline. As described in section E1-3,  we have implemented a series of actions to reduce our GHG emissions across Scope 1, 2, and 3.Target for Scope 1 and 2 GHG emissions Our Scope 1 and 2 decarbonisation lever is aligned with our target boundary, which covers 100 percent of our Scope 1  and 2 emissions across all geographies in our own operations.  To reach our 2030 target, we need to reduce our Scope 1 and marketbased Scope 2 emissions by 50 percent from a 2022 baseline. We have set an absolute, combined Scope 1 and 2 target, meaning that we measure progress on the total combined Scope 1 and market-based Scope 2 emissions. The share of emission reductions needed from Scope 1 and 2 respectively to reach the target is not set, though we expect the remaining emission reductions will come primarily from Scope 1 (approx-imately 50 percent). When validating our targets, SBTi con-firmed that our Scope 1 and 2 combined target is in line with limiting global warming to 1.5°C above pre-industrial tempe- rature levels.1     According to the Environmental Product Declaration from ArcelorMittal Europe.2022 baseline 2030 mid-term targetE1-4 GHG emission reduction targetsNumber Percent NumberScope 1 + market-based Scope 2 (tonnes CO2e) 100,000 50 50,000Scope 3 emissions intensity (kg CO2e / MWh generated)  7.09 45 3.9Target for Scope 3 GHG EmissionsOur Scope 3 decarbonisation lever is aligned with our target boundary, which covers more than 70 percent of our Scope 3 emissions, from our upstream value chain and all geographies. SBTi has validated our 2035 Scope 3 target: Reduce GHG emissions from our supply chain by 66.3 percent per MWh generated by 2035. While SBTi has validated our 2035 target, we continue to focus our work towards our 2030 Scope 3 tar-get: Reduce GHG emissions from our supply chain by 45 per-cent per MWh generated by 2030.We have set an intensity-based Scope 3 target considering the expected growth of the renewable energy sector. Based on our pipeline and projected growth, our absolute Scope 3 emis-sions will increase in the coming decade compared to our baseline year. This increase is an anticipated consequence of the significant growth of the global renewable energy sector,  1a sector that is essential for global decarbonisationE1-5 Energy consumption  and mixEnergy consumption and mix across our factories, construc-tion, and service operations are shown in the table on the right. Total energy consumption increased by 6 percent, driven by increases in Offshore activities and the expansion of our man-ufacturing footprint in Poland, while the share of renewable sources in total energy consumption increased to 35 percent, from 33 percent in 2024. MDR-T, E1-4, E1-6 Progress on Scope 1, 2, and 3 GHG emissionsUpdated baseline and methodology to measure progressProgress reporting in 2025 required restating previous periods, due to the following methodology changes. In 2025, we implemented a significant change in our GHG  accounting methodology which required a change in our base-line and therefore impacts year-on-year comparability of the reported GHG emissions. Besides this, there were no other  significant events or changes in circumstances relevant to  our GHG emissions which impacted our reporting. For our GHG emission targets, we recalibrated our baseline from 2019 to 2022, as part of the revalidation of our targets by the Science Based Targets initiative (SBTi) in 2025.  The recalibrated baseline was required as we implemented a spend-based boundary for our Scope 3 calculation methodo- logy. This means that we set the Scope 3 reporting boundary  according to spend data to calculate our GHG emissions.  2022 is the first year Vestas has spend data available across our entire company, due to the significant structural change in our Group when Vestas acquired 100 percent ownership in the joint venture MHI Vestas Offshore Wind in 2020.Due to this change in methodology, we are no longer able  to compare our current Scope 3 performance to our original baseline (2019). Instead, we will measure progress compared to our restated 2022 baseline. We also changed our Scope 1 and 2 baseline to 2022, as SBTi recommended aligning base-lines across our targets. Our original Scope 1 and 2 baseline (2019) was 114 kt CO2e, while Scope 1 and 2 emissions were 97 kt CO2e in 2020.We have restated our Scope 3 GHG emissions and Scope 3  intensity target performance from 2022, 2023 and 2024  using the updated method to ensure comparability with the recalibrated baseline (2022). See the the accounting policies for details on our Scope 3 GHG emissions and target calcula-tion methodologies on pages 91-92. 1     Source: Global Wind Energy Council (GWEC): Global Wind Report 2024. GWEC forecasts global wind power capacity growth at 10 percent year-on-year 2024-2030. April 2024.E1-5Energy consumption and mix 2025 20241.Fuel consumption from coal and coal products (GWh) 0 02.Fuel consumption from crude oil and petroleum products (GWh)  396 3853.Fuel consumption from natural gas (GWh) 41 354.Fuel consumption from other fossil sources (GWh) 0 05.Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources (GWh) 5 66.Total fossil energy consumption (GWh) (sum of 1 to 5) 442 426Share of fossil sources in total energy consumption (%) 65 677.Consumption from nuclear sources (GWh) 0 0Share of consumption from nuclear sources in total energy consumption (%) 0 08.Fuel consumption from renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen etc.) (GWh) 17 229.Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources (GWh) 218 19210.Consumption of self-generated non-fuel renewable energy (GWh) 0 011.Total renewable energy consumption (GWh) (sum of 8 to 10) 235 214Share of renewable sources in total energy consumption (%) 35 3312.Total energy consumption (GWh) (sum of 6 and 11) 677 640Energy intensity per net revenue GWh/mEUR % N / N-1 2025 2024Total energy consumption from activities in high  climate-impact sectors per net revenue from activities* -3 0.036 0.037*   Our activities and energy consumption are linked to NACE codes C27, C28, F42, and F43, which are all considered high climate-impact sectors.Connectivity of energy intensity based on net revenue  with financial information 2025 2024Net revenue (mEUR) from activities in high climate-impact sectors* 18,822 17,295*  Refer to note 1.2 for the net revenue, pages 141-143 in the Financial statements.Energy production MWh 2025 2024Renewable energy production* 135,747 101,498Non-renewable energy production 0 0*   Renewable energy production refers to the self-generation of electricity from our wind turbines, supplied to the local grid and not directly consumed by Vestas.Progress on our original targetsWe achieved an eight percent reduction in GHG emissions for combined Scope 1 and market-based Scope 2 emissions from 2019 to 2024 (our original baseline and last reporting year on this target). For Scope 3, we achieved a 17 percent reduc-tion in emissions intensity (kg CO2e/MWh) in the same period and following our previous accounting method.Since 2020, we have seen significant growth in the wind power industry, as well as undergone a major structural change when we acquired MHI Vestas Offshore Wind in 2020. Had we kept our original target scope, we would have achieved a GHG reduction of approximately 44 percent at the end of 2024 compared to 2019 for Scope 1 and 2 emissions.In 2025, we began the next stage of our GHG emission reduc-tion journey, with new targets that have been validated by SBTi. The following sections and tables describe our Scope 1, 2, and 3 GHG emissions performance in 2025, compared to the restated 2024 performance that follows our updated  accounting policies.Progress in 2025 Total GHG emissionsIn 2025, Vestas’ total GHG emissions were 9.45 Mt CO2e  using the market-based method, and 9.50 Mt CO2e using the location-based method. Scope 1 and 2 GHG emissionsIn 2025, our combined Scope 1 and market-based Scope 2 GHG emissions amounted to 109 kt CO2e. The Scope 1 GHG emissions were 108 kt CO2e, while the Scope 2 market-based emissions were 1kt CO2e. This demonstrates a 4 percent increase from 2024, primarily driven by a 13 percent increase in emissions from offshore construction and service activities, which are more GHG-inten-sive than our other business areas. Emissions from onshore construction and service activities deceased by 3 percent.  Although our Scope 1 and 2 emissions increased, we continued to decouple emissions from growth, delivering significantly more GW to the market (see page 8) and servicing more tur-bines in 2025 compared with 2024.Our combined Scope 1 and market-based Scope 2 emissions have increased by 9 percent since 2022. The increase is driven by growth in our Offshore construction and service  activities and manufacturing ramp-up. We track our performance on market-based, rather than loca-tion based, Scope 2 emissions, because we purchase renewa-ble electricity credits to cover our energy consumption in the markets where we operate.The share of contractual instruments for Scope 2 is 84 percent, of which 96.3 percent is bundled, and 3.7 percent is unbundled. These contractual instruments include purchased electricity from renewable energy suppliers, green energy certificates, guarantees of origin, and renewable energy certificates.  Currently, none of our Scope 1 emissions are regulated under emission trading schemes.The biogenic emissions from the combustion or biodegrada-tion of biomass not included in Scope 1 and 2 GHG emissions was 4.9 kt CO2e (2024: 6.9 kt CO2e) and 12.7 kt CO2e (2024: 11.2 kt CO2e).Scope 3 GHG emissionsIn 2025, our Scope 3 absolute GHG emissions were 9.34  million tonnes, reflecting a 15 percent increase compared with 2024. Our Scope 3 emissions intensity was 6.39 kg CO2e/MWh generated in 2025, reflecting a 16 percent increase compared with 2024. The increase is primarily driven by  normalised blade-production levels in 2025, following lower activity in 2024. Despite the year-on-year increase, we remain on track with our Scope 3 emissions reduction trajectory, achieving a 10 percent reduction in emissions intensity (kg CO2e/MWh) since our 2022 baseline.The significant Scope 3 categories for Vestas are: purchased goods and services, capital goods, fuel and energy related ac-tivities, upstream transport and distribution, waste generated in operations, business travel, employee commuting, and end-of-life of sold products.Excluded categories, and their reason for exclusion: process-ing of sold products (products need no further processing), use of sold products (turbines do not generate emissions  1during use), downstream leased assets (we do not lease any owned facilities or equipment to a third party), franchises (we do not have any franchises), downstream transport and distri-bution (we report all transport that we pay for as upstream transport), and investments.Biogenic emissions from the combustion or biodegradation  of biomass reported separately from Scope 3 totalled 64 kt CO2e in 2025 (2024: 60 kt CO2e).1     Service components and vehicle operations are included in Scope 3.1 and Scope 1, respectively.E1-6Regional split on Scope 1 and 2 GHG emissions – 20251,000 t CO2e Americas Asia Pacific EMEA TotalScope 1 28 11 69 108Scope 2 0 0 1 1Total Scope 1 and 2 28 11 70 109E1-6Regional split on Scope 1 and 2 GHG emissions – 20241,000 t CO2e Americas Asia Pacific EMEA TotalScope 1 29 6 69 104Scope 2 0 0 1 1Total Scope 1 and 2 29 6 70 105Retrospective Milestones and target yearsAnnual % E1-6target /  ***Base year2024**GHG emissions2025 % N / N-1 2025 2030 2050Base yearScope 1 GHG emissionsGross scope 1 GHG emissions (1,000 t CO2e) 98 104 108 +4 NA NA NA NAPercentage of scope 1 GHG emissions from regulated emission trading schemes (%) NA NA NA NA NA NA NA NAScope 2 GHG emissionsGross location-based Scope 2 GHG emissions (1,000 t CO2e) NA 48 54 +13 NA NA NA NAGross market-based Scope 2 GHG emissions (1,000 t CO2e) 2 1 1 0 NA NA NA NASignificant Scope 3 GHG emissionsTotal Gross indirect (Scope 3) GHG emissions (million t CO2e) 8.67 8.14 9.34 +15 NA NA NA NA1. Purchased goods and services 7.52 7.15 7.98 +12 NA NA NA NA2. Capital goods 0.11 0.11 0.23 +109 NA NA NA NA3.Fuel and energy-related activities  (not included in scope 1 or 2) 0.03 0.03 0.03 0 NA NA NA NA4. Upstream transportation and distribution 0.74 0.60 0.75 +25 NA NA NA NA5. Waste generated in operations 0 0.01 0.01 0 NA NA NA NA6. Business travelling 0.02 0.04 0.02 -50 NA NA NA NA7. Employee commuting 0.07 0.05 0.16 +220 NA NA NA NA8. Upstream leased assets NA NA NA NA NA NA NA NA9. Downstream transportation NA NA NA NA NA NA NA NA10. Processing of sold products NA NA NA NA NA NA NA NA11. Use of sold products NA NA NA NA NA NA NA NA12. End-of-life treatment of sold products 0.18 0.15 0.16 +7 NA NA NA NA13. Downstream leased assets NA NA NA NA NA NA NA NA14. Franchises NA NA NA NA NA NA NA NA15. Investments 0 0 NA NA NA NA NA NATotal GHG emissionsTotal GHG emissions (location-based) (million t CO2e) NA 8.29 9.50 +15 NA NA NA NATotal GHG emissions (market-based) (million t CO2e) 8.77 8.25 9.45 +15 NA NA NA NAGHG intensity per net revenueMillion t CO2e /mEUR % N / N-1 2025 2024Total GHG emissions (location-based) per net revenue*** 0 0 0→Vestas V126-3.45 MW wind turbines Total GHG emissions (market-based) per net revenue*** 0 0 0at the Lehtirova wind farm in Sweden.*   NA refers to GHG emission targets and values not applicable to Vestas. Vestas’ Scope 3 targets are not absolute GHG- based, but intensity based (i.e. CO2e per MWh). Refer to page 87-88 for specific details on Vestas’ targets. **   The base year for all GHG targets has been updated to 2022, following revalidation of our targets in 2025 by the Science Based Targets initiative. Scope 3 GHG emissions for 2024 has been restated according to the spend-based boundary.***   Refer to note 1.2 for the net revenue, pages 141-143 in the Financial statements.90  Accounting policies for E1 – Climate Change ‘Expected GHG avoided over the lifetime of the capacity produced and shipped during the period (million tonnes CO2e)’ Based on total turbines (MW) produced and shipped during the reporting period. A weighted average capacity factor was applied in 2025, based on actual hourly performance data from the turbine types produced and shipped in the reporting year. Vestas applies an expected lifetime based on site-specific agreed lifetimes where this differs from the standard design lifetime. The expected GHG avoided over the lifetime of the turbines is calculated using the latest updated standard factor of global average carbon emissions for electricity from the International Energy Agency (2025). ‘Expected annual GHG avoided by the total aggregated installed fleet at the end of the period (million tonnes CO2e)’Calculated based on the total installed capacity and the global average GHG emissions. Vestas applied the fleet average capacity factor from 2025. The expected GHG avoided is based on the latest updated standard factor of global average carbon emissions for electricity from the International Energy Agency (2025). Financial resources allocated to action plan  (CAPEX and OPEX) The CAPEX and OPEX allocated to climate-related action plans is focused on reducing GHG emissions across Scope 1, 2, and 3. The key actions are accounted for and monitored by the respective owners of each sustainability action. The Group Sustainability department maintains the budget overview and receives data from relevant regional and functional heads for: i) investments incurred in the current year, and ii) future investments. The reported data is supported by documentation such as invoices for investments incurred in the reporting period and approved budget for future investments. E1-5Energy Total energy consumption related to own operations includes renewable sources, crude oil and petroleum products, natural gas, other fossil sources as well as consumption of purchased or acquired electricity, heat, steam, and cooling (from renewable sources or fossil sources) and district heating consumed at Vestas-owned or operationally controlled assets. Consumption data is derived from direct measurements such as meter readings or purchase bills, fuel cards, and vouchers. Wherever data is unavailable from our operations, we have made estimations based on the type of operations and employee headcount. More than 99 percent of the data is based on direct measurement, with less than one percent estimated. Consumption of electricity comprises electricity purchased externally. Oil for heating is based on external purchases and meter readings at the end of reporting period. All energy from non-renewable sources is considered fossil source. Electricity and heating from renewable energy sources is calculated based on renewable energy certificates (RECs) and supplier statements. Renewable share of fuel for transport is based on local renewable energy mix in line with fuel specific legal requirements and where legal requirements are exceeded, the added renewable energy is based on supplier statements. Renewable electricity is calculated based on supplier statements and Renewable Energy Certificates or equivalent. Only 100 percent renewable electricity is counted as renewable electricity. Percentage of renewable energy is based on total consumption of energy. Total energy consumption from activities in high climate impact sectors equals to Vestas’ energy consumption.‘Energy intensity per net revenue’Vestas measures its Energy intensity by providing information on its total energy consumption in high climate impact sectors, expressed in Gigawatt hour (GWh) per million EUR net revenue. For revenue, see the Financial Statements, pages 141-143.Reported energy consumption is primarily based on direct measurements from utility meters or supplier invoices. Where such data is unavailable, estimates are made using historical consumption data. Additionally, estimations are included for countries where employees are stationed at client sites for technical support and where Vestas does not have significant operational presence. E1-4, E1-6GHG emissions Carbon emissions are measured using the carbon dioxide equivalent (CO2e) to include all relevant greenhouse gasses (seven Greenhouse gases (GHG), carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), per-fluorocarbons (PFCs), sulfur hexafluoride (SF6) and nitrogen trifluoride (NF3)s ) according to the ESRS and  the Greenhouse Gas Protocol (GHG Protocol). A distinction is made between Scope 1, 2, and 3 emissions. Following the ESRS’ consolidation approach, Vestas has applied the operational control method and considered financial control  to define the emissions' reporting scope. Vestas follows the ESRS and GHG Protocol, for disclosures pertaining to E1-6 (Gross Scopes 1, 2, 3 and total GHG emissions), and SBM-3  in E4 (Biodiversity and Ecosystems Emission factors are selected for the most recent year available, where possible, from published or licensed databases). In some cases, emission factors may not be updated on an annual basis or not be available for a material or location, in this case a suitable proxy will be used that is appropriate for material type/process, which may lead to uncertainty. We strive to utilise representative emission factors to provide transparent disclosure according to GHG Protocol. Vestas further discloses total Scope 1 and Scope 2 GHG emissions, disaggregated by Offshore and Onshore operations, using an internal site mapping of Service, Construction, and Manufacturing locations.Emissions disclosures for entities within the operational boundaryVestas has assessed that, in 2025, the company did not exercise operational control over any investees, including associates, unconsolidated subsidiaries or joint ventures. Hence, separate disclosures of GHG emissions from operationally controlled investees are not applicable.  Vestas continues to review its contractual arrangements annually to ensure alignment with CSRD requirements.Uncertainties and estimatesIn reporting emissions from short-term vessel lease arrangements, Vestas applies accounting judgment to determine whether these emissions fall under Scope 1 (direct) or Scope 3 (value chain). For the year 2025, accounting judgment has been made that short-term lease agreements on vessels do not constitute financial nor operational control and are reported as part of Scope 3 which is considered common industry practice.‘Scope 1 GHG emissions (1,000 t CO2e)’These emissions are calculated based on reported consumption of non-renewable fuels used for company-owned transport, including emissions from assets under  long-term lease arrangements accounted for in accordance with IFRS 16, as well as for process, heating purposes (e.g., oil, gas, gasoline, propane, diesel, refrigerants), N2O and CH4 emissions from bioenergy usage. Standard emission factors published by the UK Department for Environment; Food &amp; Rural Affairs (DEFRA) are applied in the calculation. ‘Scope 2 GHG emissions (1,000 t CO2e)'These emissions result from the consumption of non-renewable electricity, district heating provided by external suppliers, N2O and CH4 emissions from bioenergy usage. Calculations are based on reported usage and utilise standard emission factors from the International Energy Agency (IEA) and UK DEFRA.‘Scope 3 GHG emissions (million t CO2e)’Indirect GHG emissions from the value chain are reported based on the ESRS requirements and the GHG Protocol. Emissions from short-term lease arrangements are classified under scope 3. Vestas reports on Scope 3 categories 1-7 and 12. Scope 3 categories 8, 10, 11, 13, and 15 are immaterial for Vestas and categories 9 and 14 are not applicable. The percentage of Scope 3 GHG emissions calculated using primary data (9 percent) is aligned with the definition from the GHG Protocol.In 2025, we implemented a significant change in our GHG accounting methodology, where we recalibrated our baseline from 2019 to 2022, as part of the revalidation of our targets by the Science Based Targets initiative (SBTi) and transitioned to a spend-based boundary, which reflects a more precise and accurate representation of Vestas activities and full alignment with GHG Protocol guidance. Additionally, Vestas has implemented a digital-twin platform that converts all financial transactions into material inflows and Scope 3 GHG emissions, further automating our global accounting method. Vestas conducts third-party expert reviewed Life Cycle Assessments to evaluate the environmental performance of specific wind turbine models that support Vestas’ global Scope 3 accounting calculations.The new accounting method accounts for components relating to the wind turbine and service-related components, as well as activities for construction, capital goods, and waste, etc. Essentially, all Vestas global spend transactions are extracted and grouped into two categories: 1) Material-based Spend and 2) Non-Material-based Spend.Material-based spend transactions are financial transactions that contain a Vestas material number and unit quantity per purchase order. As such, a physical weight and material composition can be assigned to these transactions. CO2e emission factors are assigned on material composition and production process attributes per Vestas material number.  For indication purposes, we accounted for over 500,000 financial transaction lines. Non-Material-based Spend are financial transactions that do not contain a Vestas material number. These transactions may represent physical products (e.g., wind turbine foundations or electrical balance of plant) or services, such as transportation of goods or operational waste treatment, etc., which are relevant for Scope 3 GHG emissions.Wherever possible, actual activity data (e.g., tangible product weight or supplier-reported freight emissions, for example) are used to determine Scope 3 GHG emissions. Where that  is not possible, spend-based emission factors (e.g., CO2e per Euro spent) are applied.To avoid potential double-counting of Scope 3 GHG emissions, material-based and non-material-based spend transactions are reconciled to remove potential duplicated transactions. For example, Vestas global freight providers report detailed Scope 3 GHG emissions for Category 4 and the financial transactions related to global freight for these providers are removed as part of the accounting method. Capital goods and waste: Other purchased goods and services (category 1) and capital goods (category 2) are estimated based on spend data using DEFRA (2011) factors for indirect emissions from the supply chain. Fuel- and energy-related activities are calculated using DEFRA (2025) factors for emissions related to the production of fuel, NREL factors (2019) for renewable electricity and IEA factors (2025) for grid electricity.Transportation: Emissions from upstream transportation (category 4) are based on supplier information and estimated based on the LCA reports for weight and distance of components transported and DEFRA (2025) carbon emissions factors. Business travel (category 6) emissions  for air flights, hotels, and rental cars are activity-based data provided by the travel agency used for all bookings. Employee commuting (category 7) is reported on daily commute by car, which is estimated based on the average number of FTEs and a selected sample of commuting distance. It applies standard factors published by the DEFRA (2025).End-of-life treatment: Emissions from end-of-life treatment of sold products (category 12) are estimated based on material composition of all produced and shipped wind turbines in  the reporting year, including estimated end-of-life transport emissions. For materials that are not recyclable, an average (2025) emission factor for inert landfill is applied. ‘Biogenic GHG emissions’Emissions of biogenic CO2 GHG are accounted for separately from the gross Scope 1, 2, and 3 GHG baseline. Direct Scope  1 and 2 biogenic GHG emissions CO2 gases are determined based on amounts of biogenic fuel for own transport and the direct consumption of biogenic-based fuels, with the usage  of standard factors (DEFRA 2025 and IEA 2025). Scope 3 biogenic GHG emissions are determined according to other accounting principles described, and applying, where relevant, biogenic CO2 factors derived from ecoinvent (2025). ‘Scope 3 GHG emissions intensity (target value) (kg CO2e per MWh generated)’Vestas’ SBTi-validated Scope 3 target is measured as kg CO2e per MWh generated. The amount of MWh generated is based on the number and type of wind turbines produced and shipped in the financial year along with values for wind turbine capacity factor and site-specific lifetime. Vestas applies an expected lifetime based on site-specific agreed lifetimes where this differs from the standard design lifetime. In relation to the target to reduce GHG emissions in the value chain, indirect GHG emissions from the value chain per MWh generated include around 70 percent of the Scope 3 emissions. Each year, we disclose our absolute Scope 3 emissions and progress towards our Scope 3 intensity target. However, we will not disclose our absolute emissions in our target year (2030) for our Scope 3 intensity target, as this will allow a very precise calculation of forecasted growth and future sales. This commercial forecast is highly confidential and commercially sensitive. Disclosing our sales forecasts would potentially impact market share and competition by influencing market perceptions, affecting strategic planning and undermining negotiations or partnerships in a harmful way.'Service vehicles'Vehicles weighing less than 4.8 tonnes that are used in our service operations. Renewably fuelled service vehicles are fuelled by electricity, HVO100, Bio-(M)Ethanol, green-hydrogen, or green-ammonia. A plug-in hybrid vehicle counts as 0.4 renewably fuelled vehicle. A hybrid vehicle counts as 0.2 renewably fuelled vehicle. Data is provided periodically and reported at the end of the reporting period. Estimations for the last two months of the year have been used. 'Benefit cars'Cars given to employees at certain corporate levels as part of their overall compensation package. Benefit cars are reported as share of Plug-in, Hybrid, Electric-vehicles ((PH)EVs). Data is provided periodically and reported at the end of the reporting period. Estimations for the last two months of the year have been used. 'Heating systems in Vestas' factories'Any heating system in factories under Vestas’ operational control. Renewable heating systems are running on or supported by renewable electricity, renewable fuel, renewable energy, renewable district heating (with a share of 80 percent renewable energy or above for the reporting period), renewable gas, or biomass. Data is collected and reported  at the end of the reporting period. 'Steel and iron CO2e contribution to Scope 3'The percentage GHG contribution of steel and iron to Vestas’ overall Scope 3 emissions. Data is collected and reported at the end of the reporting period as part of overall Scope 3 calculation.'Share of emissions from own operations related to service' The percentage of greenhouse gas (GHG) emissions from Vestas’ own operations that are attributable to service-related activities. The data is collected and reported at the end of the reporting period as part of the overall emissions from own operations. See page 91 for accounting policies for Scope 1.  E4Biodiversity  and ecosystemsSBM-3 Impacts, risks,  and opportunities   Climate change impact on biodiversity  and ecosystemsType of impact: Actual, negative impactLocation in the value chain: UpstreamTime horizon:  Short-, medium-, and long-termNature of activity: Indirect impact on biodiversity and ecosys-tems from GHG emissions originating in our supply chainDescription: The GHG emissions originating within our supply chain – from the extraction, production, and transportation of raw materials and components for wind turbine manufacturing – have a material negative impact on biodiversity and contribute to ecosystems degradation. The highest-emitting commodities are steel and iron, composites, electronics, concrete and alu-minium, with maritime and land transport also contributing significantly.Mitigating our impact on biodiversity and ecosystems through reducing the emissions from our supply chain is a core element of our sustainability strategy, and we have set a target to reduce Scope 3 GHG emissions intensity by 45 percent per MWh gen-erated by 2030.E4-1 How we understand our impact on biodiversity and ecosystemsIn line with the recommendations of the Taskforce on Nature-related Financial Disclosures, we have mapped biodiversity dependencies, impacts, risks, and opportunities using both  internal assessments and third-party solutions. This assessment has enhanced our understanding of how  resilient our strategy and business model are to biodiversity- and ecosystem-related risks- whether physical, transitional,  or systemic. The time horizons, scenarios, scope, and assump-tions applied are detailed in the “Methodologies and assump-tions applied when identifying IROs” on page 77.The resilience analysis did not identify any material biodiver-sity dependencies, risks, or opportunities, but we are commit-ted to advancing the energy transition in harmony with local ecosystems and species.Our strategy targets the areas with the greatest influence on our biodiversity impact: reducing Scope 1, 2, and 3 GHG emis-sions and advancing zero-waste turbine development. These actions contribute to mitigating both climate change and the degradation of biodiversity and ecosystems.Looking ahead, we will continue to advance our use of impact assessment tools and data to strengthen how we analyse,  report, and manage biodiversity impacts. This will allow us to refine our approach and ensure our business advances climate and nature goals while minimising negative local impacts.Wind energy deployment is an important lever for preserving global biodiversity and ecosystemsWhile wind turbine production has a material impact on biodi-versity and ecosystems, we also recognise that wind farms can affect local biodiversity and ecosystems through aero-fauna collision risk, habitat loss, ecosystem alteration, and wildlife disturbance or displacement. At the same time, wind farms can also generate positive effects – for example, off-shore turbine foundations and scour protection zones can function as artificial reefs, creating new marine habitats and attract additional species. At a global scale, wind power plays an important role in pre-serving biodiversity and ecosystems by displacing conven-tional energy sources and thereby avoiding GHG emissions (see page 61). Wind energy is also among the lowest-impact energy sources in terms of nature loss, with an estimated po-tential impact 34 times lower than the global average electricity production mix.Expanding renewable energy, such as wind, globally – while carefully considering local biodiversity and ecosystem conditions – to replace fossil energy generation is therefore important to address the global biodiversity crisis.MDR-P, E4-2 PoliciesOur Safety, Quality, Health, and Environment (SQHE) policy and Health, Safety, and Environment (HSE) framework high-light our commitment to managing material impacts, risks, and opportunities related to climate change and biodiversity, and our commitment to protect and restore biodiversity and ecosystems across all our operations, including facilities  located near biodiversity sensitive areas.For more information on the SQHE policy and HSE Framework and alignment with MDR-Ps, see page 80.MDR-A, E4-1, E4-3  Actions and resourcesIn 2025, we enhanced our understanding of the biodiversity and ecosystem impacts associated with our value chain by  refining our biodiversity impact assessment in collaboration with independent experts. The assessment confirmed that the most significant step we can take to mitigate our impact on  biodiversity and ecosystems is to decarbonise our own opera-tions and supply chain. However, we acknowledge that further value chain impacts warrant attention and are evaluating which initiatives are both operationally feasible and likely  to generate substantive outcomes.Our TNFD CommitmentWith improved foundational understanding of where our most significant impacts on nature occur, and how best to mitigate them, we are developing our company-wide approach to biodi-versity, aligned with the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD). To initiate this journey, we formally adopted the TNFD in 2025, thereby com-mitting to disclose in accordance with its framework.Decarbonising our value chainA key initiative to reduce Scope 3 GHG emissions is forming partnerships with strategic suppliers to source low-emission materials, such as low-emission steel. Further details on our key initiatives, our broader decarbonisation programme, and the CAPEX and OPEX allocated to our action plan are provided on pages 86-88.While supply chain decarbonisation remains our most impact-ful measure for safeguarding global biodiversity, we also work to minimise impacts arising from our development, construction, and operational activities. Location-specific impact assess-ment and sitingWe can lower our impact on local biodiversity and ecosystems through spatial planning of wind energy development zones. By conducting wind resource and biodiversity impact assess-ments when developing new projects, we can optimise locations to minimise or abate negative impacts on habitats and species. Working with local agencies, experts, and regulation, we carry out environmental impact assessments (EIAs), develop envi-ronmental management plans (EMPs), and implement nature- based solutions when developing new projects, sometimes engaging indigenous knowledge. Careful siting of wind farms helps avoid migratory corridors and sensitive areas, reducing risks to aerofauna. Operational curtailment based on local bird and bat activity peaks, and ra-dar systems, can further reduce impacts on aerofauna. When establishing a wind power plant, the planning process should always include a location-specific impact assessment. Unless we develop the project ourselves, our customers have the pri-mary responsibility for undertaking EIAs and develop EMPs for the wind power plant. During construction, we collaborate with customers to imple-ment measures highlighted in the EMP. Whether during devel-opment, construction, or operation, we work closely with relevant stakeholders to ensure wind farms are built with careful con-sideration of the environment. When building new factories or acquiring or leasing existing ones, we always ensure that an environmental impact assess-ment is in place, which follows local legislation and lives up to the standards of Directive 2011/92/EU or equivalent.MDR-T, MDR-M, E4-4, E4-5, SBM-3 Metrics and targetsOur target of reducing our scope 3 GHG emissions intensity by 45 percent per MWh generated by 2030 directly contributes to minimise our impact on biodiversity. For more information on the target, see page 88. Facilities near key biodiversity areasWe have several facilities located near Natura 2000 or other biodiversity-sensitive areas, but none of them have been as-sessed to have a material negative impact on the local habitat in terms of land degradation, desertification, or soil sealing,  or to have a negative effect on threatened species.  Accounting policies for E4 – Biodiversity and ecosystems BiodiversityWe determine the proximity of our facilities to Natura 2000 and Key Biodiversity areas by mapping the location of our sites in the respective platforms’ map viewer. For all facilities located near sensitive areas, we assess the characteristics of the location and surrounding environment, as well as the characteristics of our activities, i.e., how they might harm or influence the immediate environment and the sensitive ecosystem. The assessment of the sites’ potential impact is conducted by internal experts with knowledge of ecosystem conditions and our manufacturing activities.  E5Circular   economy and resource useSBM-3 Impacts, risks,  and opportunities  Raw materials required for turbinesType of impact: Actual, negative impactLocation in the value chain: Upstream and own operationsTime horizon:  Short-, medium, and long-termNature of activity: Direct through purchase and use of raw ma-terials, indirect through business relationships with suppliers who purchase and use raw materials. Description: Our turbines consist of 80-90 percent metals, 10-15 percent composites, and relatively small proportions of electronics, lubricants, and fluids (by mass). The extraction of ferrous metals (steel and iron) and rare-earth minerals used in turbine and electrical component production has significant environmental impacts, including pollution, landscape altera-tion, high water intensity, natural resource depletion, and GHG emissions. The subsequent manufacture of these raw materials into products can also emit GHG emissions.We are exploring solutions with suppliers to address this impact through increasing the share of recycled materials in our products, developing low-GHG emission materials, and improving product performance by using less material per delivered kWh.    Non-recyclable  materials Type of impact: Actual, negative impactLocation in the value chain: DownstreamTime horizon: Short, medium-, and long-termNature of activity: Indirect through non-recycled turbine  components at end-of-lifeDescription: Approximately 85-97 percent of turbine materials are recyclable. Some components, especially composite blade materials, are challenging to recycle at end-of-life. Historically, composite blades are often either landfilled or incinerated, leading to a loss of valuable materials and continued depen- dence on virgin materials, causing a negative environmental impact.To reduce the negative impact from non-recyclable materials, we are developing innovative circularity solutions such as our blade circularity solution (see “Recyclable blades”). In the short-term, end-of-life legacy blades are diverted from landfill where Vestas is responsible for those activities, typically via mechanical grinding, cement co-processing, or incineration (sometimes with energy recovery) (see the table “Resource outflows” on page 97).    Waste  generationType of impact: Actual, negative impactLocation in the value chain: Own operationsTime horizon: Short-, medium, and long-termNature of activity: Direct through waste generated in our own operationsDescription: Waste is produced across our manufacturing, construction, and service operations. Waste directed to dis-posal through methods like landfill and incineration (with and without energy recovery) make up a small share of our overall waste but have a negative environmental impact. We conti- nuously work to improve our material efficiency and material recovery to limit the environmental impact and have the ambi-tious goal of producing zero-waste turbines by 2040 through our Circularity Roadmap.     Recyclable  bladesType of impact: Financial opportunityLocation in the value chain: DownstreamTime horizon:  Short-, medium-, and long-termDescription: Our Blade Circularity Solution, developed in col-laboration with partners of the Circular Economy for Thermo-set Epoxy Composites (CETEC) project, enables the recovery and reuse of epoxy-infused composites, used in the manufac-turing of blades. This solvolysis-based separation method enables a circular economy for the constituent composite materials including carbon fibres, glass fibres, epoxy resin, metal, PET foam, and wood. The solution can enhance our value proposition, by im-proving auction competitiveness in auctions where criteria  reward circularity. Moving forward, we are further developing and industrialising the solution together with Stena Recycling. MDR-T Circularity RoadmapOur Circularity Roadmap outlines how we work with the key impacts, risks, and opportunities (IROs) connected to circular economy and resource use. It provides an aspirational vision for a fully circular value chain, where waste is prevented and materials are reused, and enabling our long-term ambition of producing zero-waste wind turbines by 2040.By “zero-waste” wind turbines, we mean preventing all waste and developing a circular economy for all materials in which we reuse, repair, remanufacture or recycle, without recourse to in-cineration or landfilling. This process encompasses all our own operations as well as our direct suppliers, covering design and procurement, production, construction, service, and end-of-life solutions. Internal and external stakeholders were involved in defining the concepts of circularity and the targets of the Circularity Roadmap. The targets are not mandated by legislation and were set in line with internal ambitions.MDR-P, E5-1 PoliciesThe Safety, Quality, Health, and Environment (SQHE) policy and Health, Safety, and Environment (HSE) framework includes our commitment to improve material efficiency and recovery, as well as rotor and turbine recyclability to ultimately deliver zero-waste turbines. The HSE framework details how we manage IROs connected to resource in- and outflows, circular economy, and waste, and work to transition away from the use of virgin resources where possible by increasing the share of recycled and renewable content in purchasing of materials. For more information on the SQHE policy and HSE Framework and alignment with MDR-Ps, see page 80.MDR-A, E5-2, E5-5 Actions and resources Our Circularity Roadmap is structured around three main pil-lars: Design for circularity, Operational circularity, and Material recovery, for which we have established key actions and allo-cated resources to meet our goals.In 2025, we allocated EUR 20.2m in OPEX to support the im-plementation of the actions under these three pillars (2024: 20.5m), and in 2026, we expect to allocate EUR 20.3m in OPEX to continue the advancement of our key actions.Design for circularityRecyclability of wind turbine bladesWe invest in advancing blade recycling technical pathways and infrastructure. In 2025, we continued progressing on  innovative recycling methods for both epoxy-infused and non-epoxy-infused blades, and recycling of blades linked to our re-powering projects in the USA.Breakthrough circularity solution for epoxy-infused bladesThrough the CETEC initiative, we have co-developed the  innovation of a solvolysis-based method that can break down epoxy infusion resin, enabling the separation, recovery, and  reuse of blade materials. This solution, designed with our part-ners from Aarhus University, Olin and the Danish Technological Institute, allows for the recycling of existing blades without introducing the technical risk of new blade materials, and with-out requiring extreme conditions of heat or pressure.In 2025, we continued our focus on scaling up the blade circu-larity solution through our partnership with Stena Recycling.  A test bed for processing large composite material samples was constructed at Stena Recycling’s lab facility in Sweden.  At the pilot project’s completion, we aim to have established an industrially relevant recycling facility for epoxy-infused blades, including the development of a market for recovered material fractions, as well as the chemical recycling of epoxy resin back into a virgin-quality commodity resin that can be used in new blades or other applications. This is the first step towards true circularity of composite materials, with the potential of an in-dustrially viable circularity pathway for many industries beyond wind, including aviation, defence, and recreational vessels.Recycling of non-epoxy infused bladesSince January 2021, we have engaged with the DecomBlades project in close collaboration with other wind turbine manufac-turers, recyclers and industry experts to identify methods for the recycling of non-epoxy infused blades. Major advancements include the successful implementation of industrial-scale  pyrolysis, reclamation of glass fibres and the development of a blade material passport to enhance transparency and facili-tate circularity of turbine blades.Blade recycling in the USAIn 2025, we conducted a strategic review of our recycling  activities in North America to ensure the most effective and future-ready approach. This review included assessing poten-tial partnerships to enable higher-value upcycling of materials, as well as the evaluation of relocating our blade recycling faci- lity to better align with anticipated future blade volumes. As a result of this process, certain parts of our existing operations were temporarily paused. Consequently, the number of blades recycled directly through Vestas in 2025 from our US repow-ering portfolio decreased to 109, compared with 165 in 2024. Recycling solutions implemented in the United States have included cement co-processing, gasification, material re-use and fibre reclamation.Recycled steelWe have partnered with ArcelorMittal to produce low-emission steel. In addition to reducing GHG emissions from wind turbine towers by up to 66 percent per kg steel compared to conven-tional steel, the solution significantly enhances our circular economy performance. Produced in electric arc furnaces pow-ered entirely by renewable electricity, the steel incorporates high levels of scrap, substantially increasing the recycled content of towers and, in turn, the overall circularity of our turbines.Material efficiency Reducing material waste in manufacturing is a core focus,  and blade manufacturing remains the largest contributor to our internal waste categories. Actions to reduce manufacturing waste include the development of advanced recycling infra-structure near our manufacturing facilities, optimising design to minimise material use, and implementing manufacturing kits that reduce scrap. We manage waste in line with the waste hierarchy, aiming to prevent, reuse, or recycle where possible, across our operations.Operational circularityRepair and refurbishmentRepair and refurbishment allow us to extend the lifespan of turbine components, reduce waste and cut GHG emissions  1by up to 55 percent compared to manufacturing new parts.  Major turbine components, such as blades, gearboxes and generators, are already largely refurbished and reused.  In 2025, we initiated a blade take-back programme for re- powered or decommissioned turbines, enabling refurbished blades to be redeployed within Service Operations instead of procuring new blades.Regionalised repair infrastructureWe work to regionalise repair and refurbishment networks to enable cost-effective repairs that reduce emissions associated with component transport and further support expanding our global repair operations whilst increasing local job creation.Expanding repair capabilitiesTo increase the repairability of our components, we are invest-ing in specialised repair solutions and partnerships with local suppliers. By enhancing the durability and repairability of tur-bine components, we aim to further reduce material waste and support local businesses in the value chain.Material recoveryEliminating landfilling and incinerationIncreasing our recycling rate is a key ongoing action for us.  We will improve our recycling rate by utilising our regionalised Health, Safety, and Environment structure to introduce year-on-year recycling targets for each of our factories.MDR-T, MDR-M, E5-3 Metrics and targets We have set targets across the three main areas of our Circu-larity Roadmap. In line with our targets, we aim to prevent,  reuse or recycle waste wherever possible. Progress towards the Material efficiency and Waste recycling targets is evaluated quarterly, while progress towards the Rotor recyclability and Repair and refurbishment targets is evaluated annually.  Progress is evaluated through reviews by members of Executive Management, the Audit Committee, and the Board of Directors.Targets related to Design for circularityMaterial efficiency targetTo design-out production waste in our own operations, we have set a target to increase our material efficiency by 90 per-cent by 2030, to 0.2 tonnes of waste per MW produced and shipped, compared to a baseline value of 2.0 tonnes of waste per MW produced and shipped in 2021. This target applies to manufacturing, construction, and operations and maintenance activities in our own operations.In 2025, our material efficiency increased to 1.3 tonnes of non-recycled waste per MW produced and shipped (2024: 1.0 tonne), reflecting a deterioration in performance. The increase is driven by a larger increase in total waste volume than in pro-duction volumes. Despite deteriorating material efficiency and increasing waste volumes, the share of waste collected for re-cycling increased by one percentage point to 69 percent.Rotor (hub and blade) recyclability targetWe are committed to create a 100 percent recyclable turbine rotor by 2030, from a baseline of 41 percent in 2020, while minimising downcycling of blade materials to preserve their value and potential use in the creation of new products.  Recycling of the turbine rotor (i.e., hub and blades) primarily takes place at turbine end-of-life in our downstream value chain.In 2025, we achieved a 94 percent recyclability rate of the ro-tor, which represents a 6 percentage point increase compared with 2024 (2024: 88 percent). The increase is primarily driven by a higher proportion of epoxy-infused turbine blades among the turbines produced and shipped during 2025, which are classified as fully recyclable following the introduc-tion of our blade circularity solution.Targets related to Operational circularityRepair, reuse and refurbish targetsWe aim to refurbish 55 percent of turbine components by 2030 and 75 percent by 2040, mainly by creating new repair loops for components. We track this target through a refur-bished components utilisation rate (weight of components) with a baseline year of 2020, where we had a 14 percent  refurbishment rate. By increasing the use of refurbished  components, we reduce the use of new materials. This target  applies to our operations and maintenance activities.In 2025, we achieved a refurbished component utilisation rate of 32.1 percent. This demonstrates a decrease of 2.4 percent-age point (2024: 34.5 percent). Although refurbished compo-nent installations increased in 2025, the utilisation rate de-clined because our service activities grew faster than the number of refurbished components we installed. We are ramp-ing up capacity, re-evaluating planning, and increasing focus on newer platforms to ensure we can deliver refurbished com-ponents for the increasing service demands. Targets related to Material recoveryRecycling of waste target We aim for a recycling rate of at least 94 percent by 2030, and to produce zero-waste by 2040. We measure this target in percentage of recycled or reused waste in our own operations with 2020 as the baseline year, where we had a recycling rate of 52 percent. The target applies to our own operations, and we monitor waste at each site, preferring recycling over landfill. In 2025, we generated 54 kt of waste (2024: 44 kt), of which 69 percent was recycled (2024: 68 percent). The increase in total waste was primarily driven by higher manufacturing  activity, in particular related to production ramp-up of the V236 and V163 turbines, which also contributed to an increase in the average blade weight. Improvements in waste recycling were driven by enhanced material handling and process opti-misation. See all performance metrics on page 98. 1   The methodology has changed in 2025. Calculation is based on 2023 component compositions and emission factors from GaBi LCAs. MDR-M, E5-4 Resource inflowsOur material inflows consist of primary raw materials, compo-nents and consumables used in our manufacturing operations. Typically, wind-turbines are composed of 85-90 percent steel, iron, and metals, 10-15 percent composites and polymers, and smaller shares of electronics, lubricants, and fluids.The table on the right shows the performance metrics for 2025.MDR-M, E5-5 Resource outflowsOur material and resource outflows can be divided into two categories: 1) waste and materials generated in production processes in our own operations, and 2) wind turbine products, which become valuable resources at end of their useful life. Our primary resource outflows are detailed in the impact  descriptions on page 95.The table on the right shows the performance metrics for 2025.WasteThe waste generated in our own operations is classified  into hazardous or non-hazardous based on local regulatory  requirements. The waste materials are a combination of all types, including electronic waste, glass, wood, chemicals and solvents, paper, plastic, and scrap metal (e.g. aluminium, brass, ion, copper, cables and paint). We do not have any sector- specific waste in our own operations. Refer to the accounting policies on page 98 for information  on methodologies and assumptions connected to the waste metrics.  Accounting policies for E5  – Resource use and circular economy MDR-M, E5-4 Resource inflowsThe following four metrics define Resource inflows:•  Total weight of products and technical and biological materials.•  Percentage (based on total weight) of biological materials (and biofuels used for non-energy purposes).•  Total weight (tonnes) of secondary reused or recycled components (and secondary intermediary products,  1and secondary materials)•  Percentage (based on total weight) of secondary reused components (and secondary intermediary products,  and secondary materials).The scope of Resource inflows includes materials in Vestas’ wind turbines produced and shipped and components for service operations for the reporting period. The metric excludes property, plant and equipment, which are deemed negligible.The data for resource inflows in 2025 transitioned to a spend-based boundary for the sustainability reporting scope which  reflects a more precise and accurate representation of Vestas’  activities. Additionally, Vestas has implemented a digital-twin platform that converts financial transactions into material  inflows, further automating our global accounting method.  Vestas conducts third-party expert reviewed Life Cycle As-sessments (LCA) to evaluate the environmental performance of specific wind turbine models from raw material extraction to end-of-life. The assessments cover the entire plant until grid connection, including the turbine, foundation, site cabling, and transformer station. The LCA models support Vestas’ global Resource inflow mass balance.Resource outflowsThe following three metrics are included under Resource outflows:‘Product Durability – Average lifetime of turbines  (measured in years)’  Product durability is the average lifetime (measured in years) for Vestas’ wind turbines produced and shipped during the reporting period. It is calculated using data from Vestas’ project-specific sales documentation.E5-4Resource inflows 1,000 t 2025 2024Overall total weight of products and technical and biological materials used during the  reporting period (1,000 t) 2,777 1,743Biological materials and biofuels used for non-energy purposes (%) 0.0 0.3Absolute weight of secondary reused or  recycled components, secondary intermediary products and secondary materials (1,000 t) 435 430Secondary reused or recycled components, secondary intermediary products and secondary materials (%) 15.7* 24.6*   Estimation based on data from Ecoinvent datasetsE5-5Resource outflows 2025 2024Recyclability rate of hub and blade at end-of-life (%)* 94 88Recyclability of complete turbine at end-of-life (%)97 97Durability of products (years)25.0 24.6Refurbished component utilisation rate (percent weight)* 32.1 34.5End-of-life legacy blades recycled (number)* 109 165*   A Vestas progress indicator, i.e. not an ESRS data point.1   Estimation based on data from Ecoinvent datasets.‘Recyclability rate of hub and blade at end-of-life (%)’ Calculated as the recyclable share of the total rotor  (i.e. hub and blade) based on percentage weight (tonnes).  Recyclability rates of different materials and component types are quantified and estimated based on information from life cycle assessment (LCA) reports, including blades, based on CETEC project which was updated in 2023. Additionally,  the recyclability method has been updated in 2024 to reflect the wind turbine recyclability rate of the designed “As-built Turbine-only”, including non-metal materials. Actual recycling rates may vary, depending on project specific factors and regional waste management practices, and may lead to lower “real world” recyclability.‘Recyclability of complete turbine at end-of-life (%)’The total turbine consists of the blade, hub, nacelle, and tower. The recyclability method and calculation is the same as for hub and bladeDefined terms:•  Durability: the ability of a product, component or material to remain functional and relevant when used as intended.•  Longevity: designed for maintenance and durability in such a way that encourages longer use than the industry standard in practice and at scale and in such a way that does not compromise circular treatment at the end of functional life.‘End-of-life legacy blades recycled in the USA’The number of end-of-life legacy blades (both Vestas and non-Vestas) recycled by Vestas in the USA. Data is collected at the end of the reporting period. ‘Refurbished component utilisation rate’The percentage of new component mass versus repaired component mass installed in tonnes via Vestas’ service orders, excluding liquids. Data is collected and reported at the end of the reporting period.E5-5WasteWaste is reported for: •  All manufacturing and test facilities.•  Other operations in service, construction and office entities where waste is Vestas’ responsibility.•  Offices controlled by Vestas.  The above is consistent with the consolidation scope presented in the Basis for preparation and thus includes Vestas’ Group including all its subsidiaries.In alignment with ESRS, all waste produced by Vestas is classified as hazardous and non-hazardous based on disposal methods. The quantity of waste reported is based on weight slips, invoices, or statements received from the waste recipients for deliveries included in the accounting period. ‘Percentage of non-recycled waste’ Calculated by comparing the total amount of waste generated with the amount of waste not recycled, based on receipts from all waste management operations.‘Materials recycled (%)’Calculated by comparing the total amount of waste generated with the amount of waste recycled, based on receipts from all waste management operations.‘Total amount of hazardous and non-hazardous waste’ Vestas utilises countries’ local mandated legislation classifications for hazardous and non-hazardous waste diverted from disposal due to preparation of reuse, recycling, and other recovery operations as well as hazardous and non-hazardous waste directed to disposal by incineration, landfilling, and other disposal operations.‘Material efficiency (tonnes of waste excluding recycled per MW produced and shipped)’Material efficiency is defined as the total number of non- recycled waste materials from Vestas’ own manufacturing  per MW capacity produced and shipped during the reporting period. ‘Financial resources allocated to action plan  (CAPEX and OPEX)’The CAPEX and OPEX allocated to circularity-related action plans are focused on design for circularity, operational circularity, and material recovery. The key actions are accounted for and monitored by the respective owners of each sustainability action. The Group Sustainability department maintains the budget overview and receives data from relevant regional and functional heads for: i) investments in the current year, and ii) future investments. The reported  data is supported by documentation such as invoices for investments incurred in the reporting period and an approved budget for future investments.E5-5Waste generated 1,000 t 2025 20241.  Hazardous waste diverted from disposal due to preparation for reuse 0 02.  Hazardous waste diverted from disposal due to recycling 3 33.  Hazardous waste diverted from disposal due to other recovery operations 1 14.  Sub-total: Hazardous waste diverted from disposal (sum of 1 to 3) 4 45. Non-hazardous waste diverted from disposal due to preparation for reuse 0 06. Non-hazardous waste diverted from disposal due to recycling 34 277.  Non-hazardous waste diverted from disposal due to other recovery operations 7 78. Sub-total: Non-hazardous waste diverted from disposal (sum of 5 to 7) 41 349. Total diverted from disposal (sum of 4 and 8) 45 3810.  Hazardous waste directed to disposal by incineration 1 011.  Hazardous waste directed to disposal by landfilling 0 112. Hazardous waste directed to disposal by other disposal operations 0 013. Sub-total: Hazardous waste directed to disposal (sum of 10 to 12) 1 114. Non-hazardous waste directed to disposal by incineration 1 115. Non-hazardous waste directed to disposal by landfilling 7 416.  Non-hazardous waste directed to disposal by other disposal operations 0 017.  Sub-total: Non-hazardous waste directed to disposal (sum of 14 to 16) 8 518.  Total directed to disposal (sum of 13 and 17) 9 619. Non-recycled waste 17 1420.  Percentage of non-recycled waste (%) 31.5 31.421. Total amount of hazardous waste (sum of 4 and 13) 5 522. Total amount of radioactive waste (part of hazardous) 0 023.  Waste, grand total (sum of 9 and 18) 54 44Non-recycled waste  2025 2024Material efficiency (tonnes of non-recycled waste per capacity in MW produced and shipped)* 1.3 1.0*  Vestas’ progress indicator, i.e. not an ESRS data point.EU TaxonomyThe EU Taxonomy for sustainable activities (the “Taxonomy”) is the EU classification system for economic activities that make a substantial contribution to environmental  sustainability.  Our activities substantially contribute to climate change  mitigation in the following ways:•  Manufacturing: by producing renewable energy technologies.•  Development, construction, and operations and maintenance: by supporting the generation of electricity from wind power. Our manufacturing and construction activities are eligible  under Activity 3.1: ‘Manufacture of renewable energy techno- logies’, and our development, and operations and maintenance activities are eligible under Activity 4.3: ‘Electricity generation from wind power’. For details on our compliance with the do-no-significant-harm criteria, see pages 129-132.  In 2025, 99 percent of revenue is aligned (2024: 99 percent), 94 percent of OPEX is aligned (2024: 92 percent), and 98 percent of CAPEX is aligned (2024: 99 percent). For more  information on eligible, aligned, and not-aligned revenue, CAPEX, and OPEX, as well as the accounting policies,  see pages 129-132.Social  information  S1 – Own workforce Health and safetySBM-3 Impacts, risks,  and opportunities  Health and safety incidents of own workforce Type of impact: Actual, negative impactLocation in the value chain: Own operationsTime horizon: Short, medium, and long-termNature of activity: Direct involvement, mainly through  manufacturing, installing, and service- related activities.Description: Vestas’ employees as well as contractors under Vestas’ operational control maybe exposed to hazards includ-ing working at heights, confined spaces, hazardous energy, mechanical lifting operations, driving, operating equipment, manual handling, and weather-related safety risks. Processes are in place to support risks being systematically and proactively identified and assessed through incident re-porting, investigation, and assurance processes. Processes are in place to review incidents to determine root causes,  systemic factors, and corrective actions, with learnings  shared across the organisation to help prevent recurrence. The negative impacts of such incidents are actual and localised, but they may also indicate underlying systemic issues if left unaddressed. Managing these risks is embedded into our business model and directly linked to our Health and Safety strategy, which includes clear commitments, measurable tar-gets, and transparent progress reporting as part of our annual reporting cycle.   Cost implications of injuries in own workforceType of impact: Financial riskLocation in the value chain: Own operationsTime horizon:  Short, medium, and long- termDescription: Workforce injuries can result in lost work hours, operational delays, and compensation costs. This cost implica-tion is directly linked to the negative impact of “Health and safety incidents” and arises from dependency on employees and contractors to deliver operational activities. Over half of Vestas’ workforce operates in high-risk environments such as construction, manufacturing, and service which heightens the likelihood and potential severity of incidents and associated costs. S1-4 Safety Roadmap  towards 2030Vestas has experienced elevated safety risks in recent years, with injury severity remaining unchanged. We acknowledge that every health and safety incident is unacceptable and are committed to mitigating material risks affecting our workforce. As part of our Health and Safety strategy established last year, in 2025 we developed a Safety roadmap (see page 66), which aims to foster a safer, healthier, and more sustainable environment across our operations while supporting resilient business performance. Grounded in a risk-based approach, the strategy focuses on reducing serious harm, strengthening our risk control framework, and integrating the the safety cul-ture into daily operations. Our key priorities include proactive risk management, critical control assurance, a strong safety culture that empowers both leaders and workers and, en-hanced operational controls supported by globally aligned systems and the Health, Safety, and Environment (HSE) man-agement system.This initiative will strengthen our HSE foundation, enhance  operational capabilities, build capacity across the value chain, and create a resilient system to achieve our 2030 targets.MDR-P, S1-1 Policies The Vestas Safety, Quality, Health, and Environmental (SQHE) Policy and HSE Framework define procedures for identifying, reporting and mitigating health and safety risks, incidents and observations. These apply to actual and potential Health and Safety risks affecting Vestas employees, contractors, and sup-pliers across all roles in the value chain. For more information on the SQHE policy and alignment with MDR-Ps, see the Policy overview on page 80.MDR-A, S1-4 Actions and resourcesOur key actions within health and safety are currently dedicated to building a strong risk-based HSE system, improving capacity within our operating models, as well as focusing on critical risk control capabilities, creating safety awareness and training at both leadership and frontline levels. Our HSE management systemVestas’ risk-based Health, Safety, and Environment (HSE) management system applies to all sites and workers under our operational control. The system is built on a risk-driven  approach designed to strengthen organisational capacity to manage, control, and adapt to safety risks effectively.The HSE management system is embedded in operations, project planning, and execution, supported by governance, standards, and assurance. Key elements include verification  of effectiveness, and escalation of deviations through various systems and operational controls, and escalation of deviations through various governance mechanisms and processes.  In 2025, updates were made to reflect our operational hierar-chies, reporting frameworks, and regulatory shifts enhancing prevention, mitigation, and response across activities. These activities are expected to strengthen our governance of risk and enhance the effectiveness of our response to emerging and existing risks.Performance is tracked through internal audits, field verification, and KPI monitoring. Progress is disclosed as part of Vestas’ quarterly and annual reporting cycle, catering for transparency and continuous improvement.Fostering a strong safety culture Safety training is a mandatory part of onboarding, and we regu- larly launch targeted campaigns to encourage open dialogue, proactive risk identification, and a culture where seeking advice is welcomed.Driving safe behavioursOn April 28 2025, Vestas celebrated the World Day for Safety at Work with a global Safety Day themed “Spot your risks, take action.” This reflects our shift from compliance to a proactive, risk-based safety approach.Across our sites and offices, teams came together to reflect on the risks they face daily and the actions they can take to  reduce or eliminate them. Engagement of frontline leadersLeadership also plays a vital role in this journey. Through our long-standing ‘Walk and Talk’ programme, leaders are expected to engage directly with teams monthly to reinforce safe be-haviours, understand site-specific risks, and build trust.  These programmes were further supported with the roll-out  of Frontline HSE leadership training. Strengthening risk controlsTo further enhance our proactive approach to identifying and mitigating risks, in 2025 we introduced HSE High-Risk Forums with participation of risk-specific subject matter experts from across our organisation and the industry to focus on the HSE risks that have the most significant impact on our operations. Five forums in all were established, focused on lifting operations, plant, tools, and equipment and control of hazardous energies, respectively. The purpose of the High-Risk Forums is to identify critical risks, develop mitigation strategies and enhance safety culture with a continuous improvement focus. Resources are allocated at Group, Regional and local levels, such as improved HSE and incident management system, to conti- nuously assess and define action plans to prevent incidents  and support affected employees in line with local regulations. These initiatives collectively contribute to driving measurable progress toward achieving our Total Recordable Injury Rate (TRIR) target, reinforcing our commitment to workplace safety and continuous improvement.MDR-T; S1-5  Metrics and targetsIn line with our SQHE policy, we are committed to set, measure, monitor, and review our health and safety performance and act upon deviations to established processes. We also enable remedies to materially impacted employees of our workforce in line with local regulations. The process for setting and monitoring health and safety  targets at Vestas is guided by a comprehensive analysis of past performance, the company’s evolving risk profile, and alignment with strategic initiatives. This ensures that our  targets remain both relevant and achievable.While the workforce is not directly involved in setting these targets, we maintain transparency by sharing monthly perfor-mance updates in site and functional meetings and in regional quarterly town halls to reach all employees. These updates help identify lessons learned and areas for improvement, keeping everyone informed and aligned with the health and safety goals established by the HSE team.Targets aligned with operational growth and riskAt the end of 2024, we revised our Total Recordable Injury Rate (TRIR) 2025 target from 1.5 to 2.4 and the 2030 target from 0.6 to below 1. The change reflects a shift in Vestas’ risk profile, the inclusion of growing offshore activities, as well as an overall increase in work activities across various areas based on incident data  reported, headcount and work hours. The aim is to implement achievable, yet ambitious short-term targets across Regions and functions, which can lead to more consistency and focus. 2024 is the base year of the new targets and 3.0 is the baseline value. The targets, which have been in effect from 1 January 2025, apply to all activities performed under Vestas’ control with no geographical boundaries. Performance against the targets is monitored monthly.  The monthly reviews and dashboards for tracking injuries, along with quarterly performance reports in the interim finan-cial reports, provide a clear picture of progress and areas in need for attention.The reported data covers Vestas employees and contractors under Vestas’ operational control across all regions and  business functions. This includes Service, Manufacturing,  Construction, and Supply Chain. Performance is measured  and reported through the Vestas HSE Management System. Performance overviewThe TRIR remains our primary metric for tracking progress against our health and safety targets. In 2025, our TRIR was 2.7 (2024: 2.7), reflecting stabilisation compared to 2024. While performance stabilised, stronger  focus on high- risk events led to a steady reduction in incident severity in 2025. During 2025, our Lost Time Injury Rate (LTIR) per million  working hours also stabilised at 1.1, unchanged from 2024.  The result demonstrates our commitment to maintaining mo-mentum and driving continous improvement. In 2025, there were no fatal injuries (2024: five fatalities in total, of which two were in Vestas’ own workforce). Each incident is thoroughly investigated, and learnings are  integrated into our systems to strengthen our safety culture. The top injury causes globally continue to be manual handling (strains, sprains, cuts), working with tools (cuts, crush injuries), and slips/trips/falls.In 2025, we enhanced our methodology for tracking working hours related to contractor activities in Service and Construc-tion. For more information, see Basis for preparation, page 82.Strategic priorities moving forward Our strategic focus for the coming year includes a broader risk-based assessment, incorporating serious incident track-ing, high-risk work assurance outcomes and critical control performance monitoring. This shift enables a more accurate reflection of our operational risk exposure and enhances our ability to prevent life-altering incidents supporting our ambi-tion to be a resilient and learning organisation.In parallel, we have launched a transformation of our HSE  digital ecosystem. This initiative is designed to deliver greater agility in safety operations, enhanced transparency across the organisation and data-driven intelligence for proactive risk management.  Accounting policies  – S1 Health and safety  S1-14Health and safetyScope of disclosure and definition of ‘Own workforce’ Vestas’ Global HSE Framework and related metrics cover Vestas’ ‘Own workforce’. In the context of Health and Safety, Vestas’ own workforce is defined as own employees and other workers, i.e. contractors and sub-contractors, working under Vestas’ supervision and control. All members (100 percent) of our own workforce are covered by our Health and Safety Management System, which is based on legal requirements and recognised ISO 45001 standards and certified by third-party auditors. ‘Number of working hours’ The number of working hours is measured based on hours registered in working hours management systems for hourly-paid own workforce, and planned working hours for salaried employees excluding e.g. holidays, absence due to illness and parental leave. For third-party contractors in Construction  and Service, planned working hours are used, in line with the approach for salaried employees.‘Total Recordable Injuries per million working hours (TRIR)’Represents all total recordable injuries reported in the Vestas’ reporting system per million working hours for Vestas’ own workforce.‘Lost Time Injuries per million working hours (LTIR)’Represents all Lost Time Injuries reported per million working hours for Vestas’ own workforce. ‘Total Recordable Injuries (number)’The sum of recordable injuries includes all work-related incidents involving Vestas’ own workforce that are registered in Vestas’ internal Incident Management System (IMS).  These incidents may be classified as restricted work cases,  medical treatment cases, loss of consciousness, or fatalities.  Non-work-related injuries or illnesses, such as heart attacks occurring at the workplace, are excluded. ‘Of which Lost time Injuries (number)’ The Lost Time Injuries are based on incidents reported in the IMS involving members of Vestas’ own workforce which result in more than one day of absence from work. The measure includes fatal injuries.‘Of which fatal injuries of own workforce (number)’Fatal injuries of own workforce refer to incidents, including work-related ill health reported in Vestas’ IMS that result  in death, provided the death is a direct consequence of a reported work-related incident which occurred either on  a Vestas-owned or Vestas-controlled site, or under other mandatory circumstances arising from activities carried out  in the course of work. ‘Fatal injuries of workers outside Vestas’ supervision (number)’Refers to incidents reported in Vestas’ IMS that resulted in  the death of a contractor not under Vestas’ supervision and operating under the contractor’s own HSE management system. The measure covers fatal incidents occurring on Vestas-owned or Vestas-controlled sites, which are considered work-related.S1-14Health and safety metrics 2025 20241Workforce covered by health and safety management system (%)100 1002Total Recordable Injuries per million working hours (TRIR)2.7 2.72, 3Lost Time Injuries per million working hours (LTIR)1.1 1.1Total Recordable Injuries (number)  270 2403– of which Lost Time Injuries (number)110 97– of which fatal injuries of own workforce (number) 0 2Fatal injuries of workers outside Vestas’ supervision (number) 0 3figures due to ongoing system integration. 2   TRIR and LTIR figures have been restated for 2024 to 2.7 (from 3.0) and 1.1 (from 1.2), respectively, following the implementation of an improved methodology for calculating working hours (used as the denominator).3   A Vestas progress indicator, i.e. not an ESRS data point.   S1 – Own workforce DiversitySBM-3 Impacts, risks,  and opportunities   DiversityType of impact: Actual, positive impactLocation in the value chain: Own operationsTime horizon:  Short-  termNature of activity: Direct involvement through recruitment, leadership, and overall corporate culture.Description: Vestas values the diversity of its global workforce, which in 2025 comprised more than 37,000 employees across over 67 countries. Diversity and inclusion are embedded in our business model through involvement in talent acquisition, leadership development, and corporate culture. These activities ensure our workforce reflects the markets and societies in which we operate, while supporting our ability to deliver on strategic priorities. Results from the Employee Engagement Survey highlight that employees at Vestas feel respected and accepted. These posi-tive impacts apply to employees with a standard employment contract across all regions where Vestas operates and with  interlinked actions. We aim to foster well-being, psychological safety, and collaboration within our own workforce, which in turn enhance innovation, resilience, and competitiveness.  By embedding diversity and inclusion into its business model, Vestas not only supports employees but also advances its mission to drive a just energy transition. All members of our workforce with a standard employment contract directly with Vestas who could be materially impacted are included in the scope of this disclosure. See Accounting policies, ‘Characteristics of employees’ on page 107 for further clarification. MDR-P; S1-1 PoliciesOur workforce is governed by a comprehensive set of policies designed to prevent risks, injuries and any harm at work,  helping ensure fair and equitable treatment and protection  of human rights. Our Human Rights Policy, Employee Code  of Conduct (The Code) and Diversity, Equity, Inclusion and  Belonging Policy (DEIB) have been developed to set a high level of commitment within these areas including ethical prin-ciples and standards related to diversity. For more information on these policies and alignment with  S1- MDR-Ps, see Secure employment page 105.MDR-A; S1-4 Actions and resourcesVestas drives diversity and inclusion through a structured  process beginning with policy commitments in our Human Rights Policy and DEIB Policy. Based on these commitments, we identify actions through workforce data, Employee  Engagement Survey results, and feedback on regional and business needs. This ensures that actions respond to both global priorities and local reality. These actions apply across Vestas’ own workforce globally,  covering employees with a standard employment contract in  all regions, and are carried out on an ongoing basis with defined milestones for certain initiatives. These activities are expected to continue progress toward a more balanced gender rep-resentation, strengthened inclusion, and sustained sense of belonging.Inclusive recruitmentTo strengthen equity in hiring, Vestas has integrated inclusive- focused actions into its global talent acquisition processes for several years, and these efforts are continuously expanded and updated. Job advertisements use gender- and identity- neutral language supported by the inclusive writing software “Develop Diverse”; psychometric assessments are mandatory for leadership roles; and DEIB statements are included in  postings. In 2025, these efforts were further reinforced by the  Inclusion &amp; Interview Excellence project, which provides hiring managers and recruiters with tools to minimise bias in interviews. Leadership and cultureVestas is committed to improving female representation in corporate leadership, with an ambition of 30 percent women in leadership by 2030. To achieve this goal, we focus on build-ing an inclusive pipeline of talent, quarterly monitoring and compensation equity reviews.In 2025, we launched “Leading Across Cultures”, as the third module in the Inclusive Leadership Programme in addition to “Foundations” and “Inclusive Interactions”.The programme is designed to build awareness of bias, strengthen inclusive decision-making and a culture of commu-nication, as well as to equip leaders to collaborate effectively across cultures. In 2025, we launched the “Vestas Looks Like Me” campaign, amplifying diverse voices across regions and linking inclusion to our employer brand.In parallel, we expanded access to employee networks by  establishing new Women in Wind networks in additional coun-tries and introduced a global mentoring approach. Feedback on local and business needs, through our established Employee Resource Groups in all regions, ensures that global priorities are adapted to local realities, enabling perspectives from dif-ferent geographies and individuals who may be more vulnerable to impacts to be considered. This approach strengthens rep-resentation, equity, and inclusion across the organisation. Embedding DEIB in the employee lifecycleIn 2025, Vestas introduced a new Competency Framework in partnership with the consulting firm Korn Ferry. The framework integrates inclusion across attraction, recruitment, onboarding, performance management, succession planning, development, and exit. Its launch represents a milestone for the start of em-bedding DEIB systematically across the full employee lifecycle. Initial progress during the year included an integration of the Korn Ferry profiles and assessments into our recruitment  process and mapping of competences to our Learning and  Development catalogue. Actions are supported by a dedicated DEIB budget covering global training, awareness initiatives, and region-specific projects. Effectiveness is tracked through gender representation metrics, engagement survey results, turnover trends, and feedback from regional and business units. Regular reporting to the Executive Management Team ensures accountability at the highest level.MDR-T; S1-5  Metrics and targetsDiversity targetsIn line with our DEIB Policy commitments, Vestas has estab-lished a gender diversity target to achieve 25 percent women in leadership positions by 2025 and 30 percent by 2030.  1The target applies to roles with the job titles of managers, specialists, project managers, and above. The base year for this target is 2020, when female leadership representation was 19 percent.The target was developed in 2020 in dialogue with employee representatives. Input from workforce engagement, including survey data and DEIB networks feedback, was incorporated into the assessment of feasibility and ambition.Progress is tracked quarterly by monitoring gender represen-tation in leadership, supported by the People &amp; Culture function. Regular reviews are presented to the Executive Management Team as part of Vestas’ strategic KPI monitoring. Feedback from the Employee Engagement Survey (EES) and DEIB initia-tives informs adjustments to recruitment and development actions.At the end of 2025, women represented 25 percent of corpo-rate leadership (2024: 25). This means Vestas has reached its 2025 target and continues progress toward the 2030 ambition. If performance falls below the expected trajectory, additional measures will include enhanced focus on our talent develop-ment programmes, targeted recruitment, and expanded men-toring and sponsorship schemes.The target has not changed since it was introduced and reflect local talent conditions and align with relevant national, EU, and international diversity frameworks. The target is based on headcount of employees in leadership positions, see Accounting policies, page 104.  Assumptions are based on external labour market benchmarks and peer company practices within the renewable energy sector. Members of Vestas’ workforce are involved in identifying areas for improvement relating to equal treatment and opportunities for all as part of the EES process (see S1-2, Workforce Engage-ment, page 105). For more information related to the scope and methodologies of these targets, see Accounting policies for S1– Secure employment, page 106.  Accounting policies for S1 – Own workforce S1-9 Diversity metrics Gender distribution‘Women in leadership positions at the end of the period (%)’ This is calculated based on headcounts at the end of the reporting period. The parameter is calculated based on the number of women in leadership positions divided by the total number of leadership positions. Employee information is from the company’s Human Resource Information System (HRIS) with specification of gender and leadership level. Leadership positions comprise managers, specialists, project managers, and above.‘Women in Top Management at the end of the period (%)’ The share of women in Top Management includes women in the Executive Management Team and female people leaders who report directly to a member of the Executive Management Team.‘Top Management’The top management comprises two management levels below the Board of Directors: the Executive Management team, and employees who report directly to a member of  the Executive Management team and who hold managerial responsibilities.‘Diversity of Vestas’ Graduate Programme‘The diversity of the talent development programmes is calculated based on the share of women opposed to men who finalised the programme out of the total number of employees who participated in the programme. S1-16 Remuneration metrics‘Gender pay gap (%)’The gender pay gap is the difference of average pay  levels between female and male employees, expressed as percentage of the average pay level of male employees.  The number includes the salary, cash allowances (variable payments), benefits, insurances, bonus, and long-term incentives. The calculated figure depends on factors such as health insurance costs, employee benefits, the nature of work, and regional differences. As a global company, these variables vary significantly across countries, influencing the final value.‘Annual total remuneration ratio’The annual total remuneration ratio of the highest paid individual to the median annual total remuneration for  all employees, excluding the highest paid individual. Pay data is collected quarterly from local payrolls in Vestas and compiled into one validated report. The pay data includes base salary, cash allowances (variable payments), pension, benefits, and other fixed recurring payments.1   Vestas-American Wind Technology, Inc. (“VAWT”), Vestas-Canadian Wind Technology, Inc. (“VCWT”), and all other Vestas subsidiaries in North America (collectively, “VAME”) are committed to abiding by all state, federal, and provincial laws, including Title VII of the Civil RightsS1-92025 2024Diversity, end of yearHeadcount Number Percent Number PercentGender distribution1Women in leadership positions1,572 25  1,558   25 1Women in Top Management20 31  15   262, 429 55  NA4Women in Graduate Programme56 Age group diversity, all employees&lt; 30 years  8,113 21.9 7,985 22.730-50 years 22,911 61.8 22,088 62.7&gt; 50 years 5,501 14.8 5,133 14.63Employees from acquisition564 1.5 NA NATotal 37,089 100 35,206 1001   The employees, of LM Wind Power Blades (Poland) Sp.z.o.o. acquired on 1 September 2025, are not included in the reported figures due to ongoing system integration.2  Vestas’ progress indicator, i.e. not an ESRS data point.3  The employee data for LM Wind Power Blades (Poland) Sp.z.o.o. is not yet fully integrated into Vestas’ information systems and presented separately.4  The number of Women in Graduate Programme is published for the first time in 2025.S1-16Remuneration metrics 2025 20241Gender pay gap (%)0.2 2.21Annual total remuneration ratio100.3 96.41   The employees, of LM Wind Power Blades (Poland) Sp.z.o.o. acquired on 1 September 2025, are not included in the reported figures due to ongoing system integration.Act of 1964, and are dedicated to providing equal employment opportunities to all individuals, regardless of gender. In all circumstances, VAME will endeavor to hire the most qualified person for the job based on their skills, experience, and qualifications. The aspirational goal of increasing the number of women in our leadership positions will not be a factor considered in hiring decisions.  S1 – Own workforce  Secure  employmentSBM-3  Impacts, risks,  and opportunities  Secure employmentType of impact: Actual, positive impactLocation in the value chain: Own operationsTime horizon: Short- termNature of activity: Direct involvement through e.g. workforce planning, recruitment, and retention activities.Description: In 2025, 96 percent of our workforce held a standard employment contract (2024: 97 percent). Tempo-rary employees are mainly hired for project-based roles or to cover absence such as parental leave. The high share of per-manent contracts provides workforce stability and supports Vestas’ ability to deliver projects, retain talent, and sustain growth. Secure employment is directly linked to our business model and value chain. Stable contracts preserve knowledge and  expertise essential for manufacturing, service, and project ex-ecution, while enabling innovation. This is particularly relevant for offshore expansion, where attracting and retaining special-ised talent is critical. All employees with a standard contract directly with Vestas are included in this disclosure. See Accounting policies,  ‘Characteristics of employees’ on page 107 for further details. S1-2, S1-3  Workforce engagementAt Vestas, we are committed to ensuring that our employees have accessible channels to raise concerns and provide feed-back. We continuously monitor and address potential risks through our reporting systems and align practices with inter-national standards.The Employee Engagement SurveyThe primary channel for engaging with Vestas’ workforce is  the annual Employee Engagement Survey (EES), which is open to all employees. Participation is confidential, offered in 20  languages, and serves as our global channel for collecting structured workforce feedback on a wide range of employee en-gagement drivers. Results allow for external benchmarking of most questions and continuous tracking of progress over time.Results are centralised and analysed globally by the People &amp; Culture (P&amp;C) function, while local line leaders are responsible for follow-up action plans with their teams. Feedback is collected through the EES surveys communicated back to employees via team meetings, intranet updates, and leadership briefings. Resources for engagement include a dedicated P&amp;C analytics team, survey technology, local P&amp;C support, and financial re-sources for survey administration and analysis.Results The results from the annual Employee Engagement Survey (EES) in 2025 revealed an Employee Net Promoter Score (eNPS) of 31 (2024: 31), and Employee Satisfaction Score (eSAT) of 76, indicating that employees would recommend Vestas as a great place to work and higher levels of satisfaction. Survey insights are linked to other workforce indicators,  such as turnover, to assess effectiveness. Employee turnover was 15.2 percent at year-end 2025 (2024: 13.1 percent).  See Accounting policies for S1- Secure employment,  page 106, for more information related to these indicators.  Vestas also monitors gender response patterns in the EES  and engaging with regional DEIB networks, which complement global results with locally grounded insights.Where applicable, results are also shared with worker repre-sentatives including works councils.Framework agreements with worker representatives, including work councils in rele-vant countries, provide additional structured input into workforce perspectives. These forums enable ongoing dialogue on local issues and company-wide initiatives. Where relevant, Vestas engages with workforce representatives on the impacts arising from the transition to a more sustainable business. This includes dialogue on restructuring, workforce reskilling and upskilling, and considerations for gender and social equity, as well as health and safety.Our grievance mechanismsEmployees can use the following channels to raise concerns:EthicsLine: All stakeholders, including all members of Vestas workforce, are encouraged to raise allegations relating to mis-conduct through our whistle-blower platform called EthicsLine. The platform is managed through an independent third party. All employees can access it via our intranet, and Vestas helps ensure that employees are aware of the EthicsLine mechanisms as part of onboarding processes and through communication with their managers. P&amp;C Service Desk: Requests raised through our People and Culture (P&amp;C) service desk span minor requests to concerns from our employees that can require personnel intervention and are answered by a dedicated team. Works Councils: In applicable countries, employees can also raise concerns and grievance through works councils which meet on a regular basis to discuss employee issues and sug-gestions. The councils collaborate with management to find solutions and play a crucial role in resolving workplace problems. The latter two channels are established and run by Vestas, and all employees have access. Workers’ representatives are made aware of these channels via email. Remediating negative impactsThe Employee Code of Conduct, EthicsLine Policy and Human Rights Policy (see the Policy overview on page 80) affirm that Vestas provides accessible grievance mechanisms and com-mits to investigating all concerns raised, seek resolution, and remedying adverse impacts we cause or contribute to. We pro-tect all individuals, including workers representatives, against any form of retaliation for raising concerns in good faith. Processes and metrics for assessing and responding to cases raised through EthicsLine are described in G1-1, “Our whistle-blower function”, see page 116 and 117. Vestas monitors the efficiency of the P&amp;C service desk through targeted satisfaction surveys, and through EthicsLine by monitoring the number of cases raised and by running tar-geted awareness raising campaigns for EthicsLine. We ensure our workforce is aware of and trust these structures by run-ning targeted awareness raising campaigns for EthicsLine.  MDR-P, S1-1 PoliciesOur workforce is governed by a comprehensive set of policies designed to prevent harm at work, ensuring fair and equitable treatment, protection of human rights, and prevention of dis-crimination. Our Human Rights Policy, Employee Code of  Conduct (The Code) and Diversity, Equity, Inclusion and Be-longing Policy (DEIB) have been developed to set a high level of commitment within these areas, including ethical principles and standards related to secure employment. For more infor-mation related to these policies in line with S1- MDR-P; see “Policy overview” page 80 and 81. MDR-A, S1-4 ESRS 2  Actions and resourcesVestas manages secure employment through a structured process that begins with our Human Rights Policy commit-ments and continues with systematic identification of impacts, risks, and opportunities. We regularly assess where action is required to strengthen workforce stability or address potential negative impacts. This assessment combines data from the Employee Engagement Survey, turnover and exit data, and input from line managers and workforce representatives.Workforce planningIn 2024, Vestas implemented a workforce planning process covering blue-collar employees in Service and Manufacturing. By the end of 2025, this has been extended to white-collar employees, ensuring full workforce coverage. The process  provides transparency on resourcing needs, enabling Vestas  to anticipate gaps and respond to changing business needs.  It is also used to identify areas where workforce dependency presents a risk, such as in offshore operations where competition for specialised skills is increasing. Planned actions include targeted recruitment in growth markets, partnerships with education providers, and internal upskilling initiatives. These steps help mitigate potential negative impacts from skills shortages and support long-term workforce stability.Reward structuresReward structures have been a key action in 2025 as they  underpin employees’ sense of stability and fairness in employ-ment, directly supporting secure employment. Progress during the year included ongoing training for People &amp; Culture staff on fair pay practices, refreshed external benchmarks to ensure competitiveness, and continued coverage of our global bonus programme for all employees.All employees participate in our global bonus programme, which links individual rewards to annual company performance. In addition, depending on local market benchmarks we offer benefits, such as healthcare, pensions, paid leave, and income protection. Together, these measures support both employee well-being and Vestas’ ability to attract and retain talent. Managing exits and preventing negative impactsVestas supports employees in building long and successful  careers, offering ongoing opportunities for internal mobility through a resourcing tool open to all employees. When em-ployment ends, whether through retirement, resignation,  or restructuring, our processes aim to ensure a smooth off-boarding experience. Ensuring smooth exits is managed through structured processes and assessed through exit surveys.  Exit surveys are used to gather insights, which are then inte-grated into recruitment and retention strategies. Where appli-cable we engage with workforce representatives, including worker councils on workforce restructuring.These activities are expected to improve workforce stability, reduce turnover, and mitigate skills dependency through  targeted recruitment and upskilling. The double materiality assessment did not identify any material negative impacts  relating to working conditions, so no remedial action has been required or taken.MDR-T,S1-5  Metrics and targetsOur commitment to secure employment is rooted in the  Vestas Human Rights Policy, which underscores fair treatment, workforce stability, and the protection of fundamental labour rights and is supported by the Vestas Employee Code of Conduct. Vestas has not identified measurable targets for secure  employment, and no base year has been established.  However, our policies reinforce our obligation to treat all em-ployees with dignity and respect and to safeguard stability in employment relationships.S1-17Social and human rights related complaintsIn 2025, 111 (2024: 78) out of 394 (2024: 353) complaints related to social and human rights were substantiated.  No complaints were received via the National Contact Points for OECD Multi-national Enterprises (2024: 0). As a result of these incidents and complaints, Vestas paid EUR 0m in fines, penalties and compensation in 2025 (2024: EUR 0m).The number of severe human rights incidents reported in 2025 was 0 (2024: 0). Severe human rights incidents are  defined as confirmed cases of forced labour, modern slavery, human trafficking or child labour. Based on information from EthicsLine, legal disputes, and media allegations in the Busi-ness &amp; Human Rights Resource Centre, we have found no cases of the aforementioned issues in our own workforce in 2025. Therefore, no fines, penalties, or compensation were paid. As a result, no cases of non-respect to the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamen-tal Principles and Rights at Work or OECD Guidelines for Multi- national Enterprises were reported in 2025 (2024: 0).For more information on EthicsLine cases, including Accounting policies, see page 117.   Accounting policies  – S1 Secure employment  All methodologies rely on internal reporting systems and survey data. Data controls ensure consistency and accuracy, but inherent limitations may arise from self-reported inputs and timing of local data consolidation.‘Employee net promoter score (eNPS)’Used to measure employee sentiment and loyalty within an organisation, the eNPS indicates how likely employees are to recommend their workplace to others. The score is retrieved from the annual Employee Engagement Survey. Employees who score 9-10 in the survey question are promoters; employees who score 7-8 are neutral; and employees who score 0-6 are detractors. eNPS is calculated as the percentage of promoters minus the percentage of detractors. ‘Employee Satisfaction Score (eSAT)’ The average score for an employee satisfaction question in the annual employee engagement survey, on a 100-point scale.S1-17 Incidents, complaints, and severe human rights ‘Number of complaints filed through channels for people  in own workforce to raise concerns’ These are defined as total and substantiated number of EthicsLine cases in the categories of Labour Rights &amp; Working Conditions, Discrimination, Harassment, Sexual Harassment, and Health &amp; Safety. ‘Number of complaints filed to National Contact Points for OECD Multinational Enterprises’ These are defined as Number of complaints registered at the local OECD National contact point. ‘Amount of material fines, penalties, and compensation for damages as result of violations regarding social and human rights factors’ Vestas includes all monetary amounts proceeding from severe human rights issues and incidents connected to own workforce. ‘Number of severe human rights issues and incidents connected to own workforce’ Verified serious cases connected to own workforce such as non-disputed lawsuits, non-disputed public allegations in the Business and Human Rights Center database and substantiated EthicsLine cases. Categories of severe human rights are forced labour, child labour and human trafficking caused by Vestas employees. ‘Number of severe human rights issues and incidents connected to own workforce that are cases of non-respect of UN Guiding Principles and OECD Guidelines for Multinational Enterprises’ A subset of severe human rights issues as defined above that violate the UN Guiding Principles or the OECD Guidelines for Multinational Enterprises. ‘Fines, penalties, and compensation for severe human rights issues and incidents connected to own workforce (mEUR)’Aggregated monetary amounts of fines, penalties, and any other compensation in mEUR for severe human rights issues and incidents connected to own workforce as recorded in books of accounts during the reporting period. S1-17Incidents, complaints and human rights impacts 2025 2024Complaints filed through channels for people in own workforce to raise concerns (number) 394 353*– of which substantiated cases (number)111 78Complaints filed to National Contact Points for OECD Multinational Enterprises (number) 0 0Severe human rights issues and incidents connected to own workforce (number) 0 0– of which violating UN Guiding Principles and OECD Guidelines for Multinational enterprises (number) 0 0Fines, penalties, and compensation for severe human rights issues and incidents connected to own workforce (mEUR) 0 0*  A Vestas progress indicator, i.e. not an ESRS data point.S1-6 Characteristics of employees ‘Own workforce’ Own workforce is defined as employees with a standard or temporary employment contract directly with Vestas, including employees working part time, full time, and with non-guaranteed working hours. Classifications follow the legal definitions applicable in each country of operation, and country-level data are aggregated to form global totals.‘Headcounts’ Headcounts are defined as number of employees complying with the above characteristics. For the most representative number in financial statements see page 144. ‘Full-Time Equivalents (FTEs)’ Full-time equivalents are defined as employees at the end the period calculated based on a total hour equivalent. ‘Average number of employees (FTEs)’Average number of employees is calculated as twelve-month average at the end of the reporting period.‘Employee turnover (Headcount)’ The percentage of employee turnover is calculated as the number of employees who have left Vestas (due to voluntary leaving, dismissal, retirement, or death) during the reporting period, divided by the average number of employees with a standard contract for the reporting period. ‘Employee country representation (Headcount)’In line with the ESRS requirement for country-level breakdown, Vestas has chosen to report on its top three jurisdictions.SBM-1, S1-6 Characteristics of employees, end of year 2025 2024Contract type and genderNumber (FTEs) Acquisition Female Male Total Female Male TotalStandard employees 5,995 29,358 35,353 5,860 28,313 34,173Temporary employees 309 747 1,056 295 632 927Non-guaranteed employees 0 0 0 0 0 01Employees from acquisition564 564 NA NA NATotal  564 6,304 30,105 36,973 6,155 28,945 35,100Full-time employees 6,246 30,054 36,300 6,087 28,879 34,966Part-time employees 58 51 109 68 66 1341Employees from acquisition564 564 NA NA NATotal  564 6,304 30,105 36,973 6,155 28,945 35,100Contract type and regionsNumber (FTEs) EMEA Americas Asia Pacific Total EMEA Americas Asia Pacific TotalStandard employees  21,215 7,617 6,521 35,353 20,028 7,587 6,558 34,173Temporary employees 846 78 132 1,056 661 59 207 927Non-guaranteed employees 0 0 0 0 0 0 0 01Employees from acquisition564 0 0 564 NA NA NA NATotal  22,625 7,695 6,653 36,973 20,689 7,646 6,765 35,100Full-time employees 21,960 7,695 6,645 36,300 20,565 7,646 6,755 34,966Part-time employees 101 0 8 109 124 0 10 1341Employees from acquisition564 0 0 564 NA NA NA NATotal  22,625 7,695 6,653 36,973 20,689 7,646 6,765 35,100Total number of employees (headcount)  22,726 7,698 6,665 37,089 20,791 7,647 6,768 35,2062TurnoverHeadcount Number of leavers % Number of leavers %Female 976 16.0 756 13.9Male 4,420 15.1 3,434 12.9Total  5,396 15.2  4,190   13.1 Employee country representationTop three countries (headcount) Female Male Total Female Male TotalDenmark 1,506 5,978 7,484 1,384 5,193 6,577USA 725 4,391 5,116 603 3,748 4,351India 507 2,500 3,007 474 2,522 2,996Total  2,738 12,869 15,607 2,461 11,463 13,9241  The employee data for LM Wind Power Blades (Poland) Sp.z.o.o. is not yet fully integrated into Vestas’ information systems and hence presented separately.2  The employees, of LM Wind Power Blades (Poland) Sp.z.o.o. acquired on 1 September 2025, are not included in the reported figures due to ongoing system integration.   S2  Workers in the value chainSBM-3  Impacts, risks,  and opportunities   Health and safety incidents  of supply chain workersType of impact: Actual, negative impactLocation in the value chain: UpstreamTime horizon:  Short- medium-, and long- termNature of activity: Indirect through business relationships  in our supply chain.Description: In Vestas’ value chain, potential adverse impacts on workers may occur across multiple supplier tiers – from raw material extraction to component manufacturing subcontractors. Mining, particularly small-scale mining, can pose serious health and safety risks, such as inadequate protective equipment and risk of mine collapse. While Vestas is not directly involved or has control related to these operations, we acknowledge that we may be linked to such impacts through our sourcing  of materials. Similarly, manufacturing workers in the supply chain that are producing components like cables or electrical parts may face risks from hazardous chemicals, electricity, or heavy machinery. These risks reflect the nature of our business model and sup-plier activities.    Health and safety incidents of contractorsType of impact: Actual, negative impactLocation in the value chain: Own operations Time horizon:  Short,- medium-, and long- termNature of activity: Direct involvement when working on Vestas sites under Vestas’ supervision.Description: Contractors and sub-contractors working on  our sites across construction, manufacturing, and service are  exposed to occupational health and safety hazards, similar to our own workforce (see S1, page 101). These impacts are a  direct result of our business model activities as a wind turbine manufacturer.   Child or forced labourType of impact: Actual, negative impactLocation in the value chain: UpstreamTime horizon:  Short-, medium-, and long- termNature of activity: Indirect through business relationships  in our supply chain.Description: For commodities, the extraction of raw materials, including conflict and rare earth minerals, may involve signifi-cant human rights risks. An example of Vestas being linked to an adverse impact is that children may be involved in mineral extraction due to their physical build, especially in small-scale mining.These risks are inherent to our business model, as they stem from the raw materials used in our products. We address them by setting sustainability standards for suppliers, requiring cas-cading compliance throughout the value chain, and engaging in targeted initiatives to enhance transparency and responsible sourcing.   Cost implications of injuries to contractorsType of impact: Financial riskLocation in the value chain: Own operationsTime horizon: Short-, medium-, and long- termDescription: Injuries to value chain workers can result in opera-tional disruption and pose a financial risk to Vestas due to reg-ulation. In addition, it causes reputational damage. This includes administrative fines related to human and labour rights violations by our suppliers, related to the lack of adequate health and safety measures and procedures. This risk is associated with our business relationships and our dependency on value chain labour.   Fines related to forced or child labourType of impact: Financial riskLocation in the value chain: UpstreamTime horizon:  Short- medium-, and long- termDescription: Recent developments in global legislation have introduced new supply chain due diligence obligations, which may pose financial risks for Vestas. These risks are linked to our dependency on upstream value chain workers, particularly in raw material extraction, where violations such as forced and child labour may occur. This dependency increases the potential for regulatory fines and reputational harm. To address these risks, we have implemented a due diligence framework supported by targeted initiatives. This approach enables us to manage current risks, while strengthening our long-term resilience in response to evolving legal requirements and stakeholder expectations regarding labour practices. SBM-2, S2-2, S2-3, MDR-A  Supplier engagementIn line with the UN Guiding Principles on Business and  Human Rights (UNGPs), Vestas recognises that we may cause,  contribute to, or be linked to adverse impacts through our business activities and relationships. All materially affected workers are considered in this disclosure, and to address these risks, we require our suppliers to take diligent and reasonable steps to prevent human rights and labour rights violations within their own operations and supply chains.Vestas currently does not have a formalised approach for  directly engaging with suppliers' workers, contractors, subcon-tractors, or their legitimate representatives. However, we are evaluating how to engage more effectively as value chain workers are a key group of affected stakeholders. At present, social and environmental criteria are integrated into our supplier selection and assessment processes, as out-lined in our Supplier Due Diligence Framework.Supplier Due Diligence FrameworkOur due diligence framework covers both direct and indirect suppliers in line with the OECD Due Diligence Guidance for  Responsible Business Conduct. This framework embeds social and environmental considerations in several steps and sup-ports responsible business conduct across our supply chain, including performance tracking for selected suppliers to  ensure continuous improvement.Onboarding and assessmentThe onboarding process begins with a screening for sanctions and ethical risks, followed by a Supplier Registration Question-naire in which suppliers acknowledge Vestas’ technical and quality requirements and our Supplier Code of Conduct.  This is a prerequisite for Supplier Business Assessments (SBA), which is evaluated through onsite or desktop assess-ments. Only suppliers that meet these requirements and  formally commit to our standards may enter into a business relationship with Vestas. All direct suppliers involved in component and material manu-facturing undergo onsite assessments as standard. For indirect suppliers providing services at wind farm sites or in transport, a risk-based matrix determines the need for ssessments.  1   The overview of the identified salient risks in the 2022 CW-HRA canbe found at our corporate website under Sustainability &gt; Human rightThese evaluations assess human rights, labour rights, environ-mental management, and technical standards. Identified non- conformities result in corrective action plans, with the objective of ensuring continuous improvement across our supply chain. Ongoing monitoring We maintain continuous monitoring activities, including  ad hoc assessments triggered by substantiated concerns. While we collaborate with suppliers to improve performance, relationships are terminated if minimum standards are not met. See Metrics and Targets page 110 for more details on how we assess effectiveness of our actions and initiatives.This approach supports our ambition to build a responsible and resilient supply chain that delivers high-quality products and services, upholds human rights, protects the environment,  and advances a just energy transition.The Supplier Due Diligence Framework is currently undergoing revision.Remedy of negative impactsVestas aims to provide or enable remedy in relation to any  actual material impact. We maintain a robust process to manage, track, and monitor cases reported by supply chain workers.In addition to requesting that our suppliers implement their own grievance mechanisms, the Supplier Code of Conduct stipulates that EthicsLine, our in-house grievance channel,  is available for our suppliers and supply chain workers to raise concerns anonymously. For more information related to  EthicsLine, see page 117. In 2025, 11 concerns related to our suppliers and/or supply chain workers were reported to EthicsLine (2024: 11).  The cases were handled in close collaboration with the suppliers, and three cases were found to be substantiated (2024: two). EthicsLine’s effectiveness is supported by accessibility to sup-ply chain workers, safeguarding of confidentiality and guaran-teeing objective investigation including timely feedback.MDR-P, S2-1 PoliciesThe material impacts, risks, and opportunities related to work-ers in our value chain, including issues such as child and forced labour, are addressed through our governance policies: our Human Rights Policy, Supplier Code of Conduct, and Conflict Minerals Policy. Requirements from the Human Rights Policy are integrated into our supplier onboarding and assessment processes. These are complemented by the Supplier Code of Conduct, which outlines expectations for ethical labour prac-tices, and the Conflict Minerals Policy, which addresses risks specific to raw material sourcing. Contractor safety is also managed in line with our SQHE Policy and HSE Framework. Together, these documents form the foundation of our approach to managing human rights risks in the value chain. For further details on minimum disclosure requirements related to these policies, see the Policy Overview on page 80.MDR-A, S2-4 Actions and resources To take action and address material impacts and risks related to health and safety and child and forced labour impacts on value chain workers we have worked with the following key  actions during 2025.Managing contractor risk and performance Contractor management is strengthened by our HSE Terms and Conditions, enabling proactive identification and mitigation of actual or potential negative impacts on value chain workers. This includes Vestas internal practices such as purchasing  decisions, contractor evaluation, onboarding, and capacity- building initiatives to ensure alignment with industry standards and represents the starting point for managing contractor risks. Post-service evaluation of suppliers During 2025, we have focused on refining the contractor eval-uation process. Post-service evaluations conducted by project management teams assess contractors’ adherence to HSE ex-pectations. Contractors demonstrating strong performance are recognised, while those with lower-than-expected scores are subject to targeted action plans. Business Review Meetings are held with key suppliers to share feedback and agree on corrective actions. These initiatives apply across transportation, construction, operations, and service. We have also launched targeted safety campaigns with high-risk suppliers, focusing on specific risk areas and promoting safer work practices.Risk profiling of active suppliersIn the Vestas contractor risk profiling system we are categoris-ing contractors from low to high risk based on operational data, including post-service evaluation of total recordable inci-dents, and consequence management events. This profiling supports informed decision-making and enables the deploy-ment of targeted mitigation actions for high-risk suppliers. These actions include third-party audits, strategic manage-ment changes, and regular performance reviews, while also al-lowing for the escalation to functional leaders when necessary.Ongoing monitoringEffectiveness is tracked through continuous monitoring of post-service evaluation scores, risk profile trends, and feed-back from business review meetings. Improvements in these indicators reflect successful mitigation of risks and better out-comes for value chain workers. Vestas remains committed to refining these processes to en-sure they deliver the intended impact and foster a culture of safety and accountability.Responsible sourcing of raw materi-als including conflict minerals and rare earth elementsTo address potential material adverse impacts associated with forced and child labour in raw material extraction, Vestas has es-tablished a Conflict Minerals Programme (CMP). This programme focuses on tier-one suppliers in component categories likely to contain conflict minerals. Each year, we survey these suppliers using a third-party supply chain data management platform.In 2025, we completed the fifth iteration of the CMP, engaging 104 suppliers (2024: 181). The reduction of participating suppliers reflects a targeted survey scope, excluding suppliers who’ve consistently confirmed no 3TG (tin, tantalum, tungsten, and gold) content in their products. This approach provides valuable insight into potential risks and enhances supply chain resilience. In 2025, the supplier response rate was 93 percent (2024: 99 percent). In 2025, we participated in an annual smelter outreach  initiative facilitated by our third-party vendor, encouraging non-conformant smelters to engage with the Responsible Minerals Assurance Process (RMAP). In parallel, we advanced our human rights due diligence by finalising our cross-collabo-rative initiative to map the presence of EU Critical Raw Materials (CRMs) across our components. This effort supports our goal of increasing transparency and identifying potential human rights risks in our supply chain. The comprehensive work of mapping CRM-containing components will inform further risk mitigation and support responsible sourcing strategies.Implementation of third-party sustainability ratings in sourcing decisions In 2025, a new initiative was launched to further support Vestas’ supply chain due diligence. In alignment with Vestas’ due dili-gence framework, Supplier Code of Conduct and subject to confidentiality obligations, Vestas will request selected suppliers to disclose their most recent third-party sustainability rating. This complements Vestas’ internal assessments and supports transparency across the value chain.In addition, suppliers are asked to respond to targeted environ- mental and climate-related questions, contributing to our sus-tainability data initiatives.While these ratings are part of an informed sourcing decision, they are not used in isolation. Final decisions are based on multiple factors, such as risk exposure, compliance, and product quality. This approach strengthens Vestas’ sourcing processes and supports the development of a more resilient and respon-sible supply chain considering both the social and environmental aspects. Going forward, Vestas intends to align this initiative with the revision of our overall Supplier Due Diligence Framework. Wind Energy Initiative and EcoVadis implementationIn 2024, Vestas joined the Wind Energy Initiative, a collaborative effort with WindEurope, other OEMs, customers and EcoVadis, to advance supply chain sustainability. As part of our revised due diligence framework, we have adopted a more structured approach to engage suppliers through EcoVadis assessments.This process provides validated scorecards and improvement plans, enabling ESG performance improvements and a more resilient supply chain. Vestas will work closely with suppliers to implement corrective actions and address identified sustaina-bility gaps, including decarbonisation.In 2025, we hosted decabonisation webinars as part of the Wind Energy Initiative to help accelerate progress. These  sessions engaged representatives from Vestas suppliers. MDR-T, MDR-M Metrics and targetsContractor Health and SafetyIn line with our SQHE Policy, we expect the same performance level in terms of health and safety from our contractors as we expect from ourselves. Vestas’ Global HSE Framework and  related metrics and targets covers externally employed workers under Vestas’ supervision. See S1 – Own workforce, page 102, for health &amp; safety metrics, targets, and accounting policies. Based on the learnings from the implementation of the con-tractors’ HSE terms and conditions, we will evaluate further if we should set a measurable target for contractors not working under Vestas’ supervision. Supplier Due Diligence In line with our Supplier Code of Conduct and Human Rights Policy, we expect our suppliers to uphold high standards of working conditions and other work-related rights, including  respect for the environment. Vestas has not yet set targets for workers in our value chain related to the ongoing revision of our Supplier Due Diligence Framework. In 2025, we assessed our suppliers in the following ways:•  We conducted 2,164 due diligence screenings of potential suppliers, prior to the supplier onboarding process (2024: 2,110).•  180 onsite supplier assessments were registered in our system as conducted by our teams for both direct and indirect suppliers. (2024: 141).•  148 of these suppliers scored above 70 percent, meeting our acceptable risk threshold based on our methodology (2024: 114).•  For the 32 suppliers scoring below 70 percent (2024: 27), corrective action plans were developed and agreed upon by Vestas and the supplier. Of these, five suppliers were rejected (2024: six).Dialogue about continuous improvementWhen improvement areas are identified in a supplier's opera-tions, a corrective action plan is developed and agreed jointly between the supplier and Vestas’ Supplier Quality &amp; Develop-ment teams.   Accounting policies  – S2 Workers in the value chainWorkers in the value chain are defined as workers in  Vestas’ upstream and downstream supply chain and workers performing work on Vestas’ sites, who are not part of Vestas’ own workforce.‘Number of completed screenings and due diligence assessments of potential suppliers’The total number of completed screenings and due diligence assessments of potential suppliers within the reporting year.  It includes all potential suppliers as they shall undergo screening and due diligence ahead of becoming a supplier to Vestas. The assessment process identifies and manages risks related to sanctions and business ethics including, but not limited to, corruption risks and human rights violations.  See page 110.‘Total number of onsite supplier assessments (of potential suppliers)’The total number of onsite supplier assessments registered  in the system within the reporting year. The scope includes all direct suppliers. Indirect suppliers are also included based on results of questionnaires and high-risk evaluation. Onsite assessments involve site visits and questions related to sustainability.‘Total number of suppliers scoring above minimum requirements’The total number of suppliers that scored above Vestas’ acceptable risk threshold (above 70 percent) in the supplier assessments conducted during onboarding within the reporting year. See page 110.‘Total number of suppliers scoring below minimum requirements’The total number of suppliers that scored below the acceptable risk threshold (below 70 percent) in the supplier assessments within the reporting year all received a corrective action plan. The suppliers failing to complete this plan defined during onboarding are the suppliers rejected. See page 110.‘Total number of suppliers engaged in Vestas' Annual Conflict Mineral Survey’The total number of suppliers (delivering components/parts that potentially contain conflict minerals) engaged in the annual Vestas' Conflict Mineral Survey within the reporting year. See page 109.‘Suppliers who responded to Vestas' Annual Conflict Mineral Survey’The supplier response rate to Vestas’ annual Conflict Mineral Survey within the reporting year. See page 109.‘Number of concerns by value chain workers reported to EthicsLine’Refer to accounting policies for the whistle-blower system EthicsLine, page 117.   S3  Affected communitiesSBM-3  Impacts, risks,  and opportunities   Land-related  impacts Type of impact: Negative impactLocation in the value chain: Own operationsTime horizon:  Medium-termNature of activity: Indirect involvement downstream through business relationships during construction.Description: Land-related impacts relate to when wind farm projects may cause physical or economic displacement,  restrict land use, or disrupt farming activities, which can affect communities’ way of life and social networks. While wind turbine projects can benefit localcommunities by e.g enabling access to renewable energy and creating jobs, there is also a potential negative impact that needs to be considered. In projects that could potentially displace people, there is a risk that the population will not be properly consulted, or their needs understood, leading to unfair or insufficient compensation. If local communities are not consulted or adequately compen-sated, it can result in social unrest and Vestas might lose its social license to operate. These impacts are linked to systemic aspects of our business model but occur only in isolated cases within our downstream value chain.    Impacts on the right to free, prior,  and informed consentType of impact: Negative impactLocation in the value chain: Own operationsTime horizon: Medium- termNature of activity: Indirect involvement through our business relationships during construction and direct invovement if Vestas is the Developer. Description: Impacts on the right to Free, Prior, and Informed Consent (FPIC) relate to potential adverse impacts on Indige-nous and Tribal Peoples’ specific rights to, for example, self- determination, lands and culture. These impacts can occur when wind farms are built on or near territories without meaning-ful consultation or consent, often combined with weak legal frameworks.In projects where Vestas only supplies and installs turbines, sites are selected before our involvement, and securing FPIC lies with our customers. As a developer, we identify indigenous communities early and we are committed to conducting FPIC consultations to minimise adverse impacts. These cases are, however, limited and arise only in parts of our downstream value chain.S3-1, S3-2, S3-3, S3-4 Engagement with  affected communities In line with the UN Guiding Principles on Business and Human Rights (UNGPs), Vestas is committed to engaging with af-fected communities depending on our role in the wind farm and on the specific characteristics of the community. Community engagement as a developerAs a developer, we initiate community engagement as early as possible in the screening of feasible wind farm areas. Depending on the local context, engagement may occur through public consultations as part of the Environmental Impact Assessment (EIA) permitting process, meetings with local community lead-ers and local public events, one-to-one meetings with concerned stakeholders, and other interactions. Vestas Development execution teams in each region are in-volved in community engagement. They record stakeholder activities to track events, meetings, and actions, helping us  assess engagement effectiveness. The results of our engage-ment efforts inform our project development and serve as a tool for continuous improvement. Community engagement as a supplierAs a supplier, our engagement with affected communities be-gins at the construction phase. Our customers are responsible for initial consultations, and the results of the customer engage-ment help shape the project’s ongoing approach to community engagement. Vestas’ role is to apply our global knowledge and expertise with managing community engagement and thereby support the customer maintaining community acceptance. For projects involving Indigenous and Tribal Peoples’ land,  we take additional measures within our Social Due Diligence (SDD) process to assess the effectiveness of our customers’ engagement and verify compliance with national law and in-ternational standards, including right to FPIC. We also consider other vulnerable groups in our SDD process, such as women and children.Respect for Indigenous and Tribal Peoples RightsVestas is committed to respecting the right to FPIC, engaging Indigenous and Tribal Peoples early through culturally appro-priate processes. This includes recognising traditional land and user rights, protecting cultural heritage, addressing po-tential physical or economic displacement, and respecting the right to give or withhold consent (documented through explicit agreements). In some cases, Vestas formalises agreements with communities' post-consultation. For vulnerable communi-ties, including Indigenous and Tribal Peoples, we work with ex-pert consultants to assess impacts, recommend measures, and ensure community perspectives are fully considered. Grievance mechanism and remedyVestas is committed to remedying adverse impacts on individ-uals, workers, and communities caused or contributed to by our operations. Our primary grievance mechanisms include:•  Operational-Level Grievance Mechanisms (OGM)•  EthicsLine (page 116)•  Project-level channels, such as dedicated wind farm websites.All grievances are handled neutrally and without discrimination. Anonymity is ensured when requested by the person raising the issue, and all are managed, tracked, and monitored through Vestas’ Incident Management System (IMS) following our OGM Guideline. To ensure effectiveness, any proposed remedy is discussed  directly with the affected stakeholders, who have the right to accept or reject the solution. All remedy agreements are for-mally documented, and if a remedy is required, all actions to mitigate risks and impacts are coordinated with relevant  authorities as needed.Concerns raised during public consultations, as regulated by the EIA permitting process, are addressed in the EIA study and considered in project development.  MDR-P; S3-1 PoliciesOur Human Rights Policy and Employee and Supplier Codes  of Conduct form the basis of our commitment to respecting the human rights of affected communities, including Indigenous and Tribal Peoples. Our Social Management System (SMS)  describes how we implement our commitments, and identify, prevent and manage adverse social risks, such as land-related impacts and potential FPIC violations. For more information on the Human Rights Policy and Employee and Supplier Code of Conduct including alignment with MDR-Ps see the Policy over-view on page 80. MDR-A; S3-4 Actions and resourcesThe key activities Vestas undertakes to address material land-related impacts and impacts on the right to FPIC are  described below. Construction – Social Due Diligence processTo prevent negative impacts on affected communities, Vestas applies its Social Due Diligence (SDD) process to Engineering, Procurement, and Construction (EPC) and Supply-and-Installa-tion projects above a certain MW threshold in emerging markets. The process also applies in OECD countries where projects may affect Indigenous and Tribal Peoples’ lands, territories, and livelihoods.The SDD helps us identify and assess social risks by reviewing customers’ EIAs and related studies such as Stakeholder En-gagement Plans. Together with the customer, we define ac-tions to prevent or mitigate risks and seek to promote com-munity opportunities. Roles and responsibilities are clearly defined among project stakeholders. Resources, including budgets for community  initiatives and Community Liaison Officers, are allocated to ensure effective community engagement, grievance handling and access to remedy and implementation of community initiatives.In 2025 we began developing a heightened human rights due diligence (hRDD) approach to prepare for potential operations in Conflict-Affected and High-risk Areas (CAHRAs). This will strengthen our ability to identify, assess and manage human rights in complex environments, in line with the UN Guiding Principles on Business and Human Rights (UNGPs). This process is developed in parallel with our due diligence (SDD) framework to ensure coherence and integration across our systems and practices. Vestas has engaged with external stakeholders, including  investors, to ensure the approach reflects expectations and best practices. Wind farm development – feasibility studies and community profile mappingBest practice wind farm development combines technical,  socioeconomic, and social risk assessments. Vestas conducts feasibility studies, including EIAs to identify and mitigate po-tential community impacts. Preventative measures are imple-mented where risks related to land acquisition are identified.Our environmental and social specialists, together with expert consultants, address community-related impacts and engage communities early through consultations to discuss concerns and explore remedies.Actions implemented during developmentAs a developer, Vestas maps community profiles to under-stand the local context of planned wind farms. These insights guide site layout design, helping to prevent risks to communi-ties or, where avoidance is not possible, define appropriate mitigation measures. This approach strengthens relationships and demonstrates our social commitment. In 2025, we continued to engage with First Nations peoples in Australia to uphold and protect Aboriginal and Torres Strait  Islander peoples’ cultural heritage. We also aim to enhance social economic outcomes and foster local ownership by promoting employability and reducing economic displacement. Initiatives include technical training, capacity-building programs, and entre-preneurship courses for farmers and other community members. Advancing our human rights journeyIn the 2025 Business &amp; Human Rights Research Centre’s  Renewable Energy and Human Rights Benchmark, Vestas was ranked #1 among wind turbine manufacturers. This reflects our continued progress in embedding human rights across our operations and supply chain, as well as improved transparency in how we communicate these efforts. The higher score com-pared to last year’s highlights our commitment to our human rights journey.MDR-T, MDR-M, S3-5, S3-3  Metrics and targetsIn line with our strategic commitment to be the most socially responsible company in the industry, we have several metrics and associated targets to monitor our performance and prevent or mitigate our material risks. The share of in-scope projects having undergone the Social Due Diligence ProcessGuided by our Human Rights Policy and commitment to respect human rights, Vestas has a target for conducting social due diligence. Each year, we aim to apply our SDD process to 100 percent of projects within scope. This ensures appropriate measures are taken to prevent and mitigate risks, while sup-porting the objectives of our Social Management System.This risk-based indicator applies to specific types of construc-tion projects with higher potential risk to affect communities. In 2025, 20 percent of in-scope projects underwent SDD (2024: 83 percent). The percentage decreased in 2025  compared to 2024 due to global restructuring. A plan has been established to ensure a stronger performance in 2026.The number of community grievances receivedVestas does not set a target for the number of grievances  received annually, as this depends on activity levels and the types of construction projects. The indicator we use covers grievances managed by Vestas in our Incident Management System in our construction and service operations.Since our first reporting in 2019, the number of grievances has varied each year, reflecting fluctuations in our levels of construction and service activities. In 2025, we received 14 community grievances (2024: 2). These grievances related to community health and safety concerns. We are pleased to see that our grievance mechanism is used and will continue to revise and improve to ensure local com-munities can alert us to issues as soon as they arise as outlined in our Human Rights Policy. For more information related to the scope and methodologies related to our targets and metrics, see Accounting policies for S3 – Affected communities.  Accounting policies for S3 – Affected communities ‘Community grievances (number)’The number of community grievances is calculated based on incidents registered in the reporting system. The measure ‘Community grievances’ covers the total number of community complaints registered in the reporting system in the reporting period. Vestas registers and handles community incidents caused by Vestas or its contractors on communities that turn into a grievance, where a ‘community’ is a person or group that is either directly or indirectly affected by Vestas or Vestas’ activities. The cases may occur in connection with a wind  farm project and its associated facilities (e.g. accommodation facilities), a Vestas factory or a Vestas Research and Development Centre.‘Social Due Diligence on projects in scope (%)’The share of wind power projects, materialised as firm  orders, that have been subject to social due diligence (SDD) processes in the reporting period. Wind farm projects in scope for SDD are: 1) Engineering, Procurement and Construction (EPC) projects in emerging markets; 2) all Supply-and-installation (S&amp;I) projects of 100 MW or above in emerging markets; and 3) EPC or S&amp;I projects in OECD countries with  a risk rating of ‘Extreme’ or ‘High’ according to the Verisk Maplecroft’s “Indigenous People” risk index on risks related  to indigenous people’s lands, territories or livelihoods under threat. In this context, ‘Emerging markets’ are defined as non-OECD, high-income countries, as defined by the World Bank classifications. SDD procedures include: 1) a high-level country assessment; 2) ‘Know Your Customer’ assessment; and 3) an in-depth project assessment on social matters.Governance information  G1 – Business conduct Political  engagement SBM-3 Impacts, risks,  and opportunities Political engagement contributing  to the energy transition Type of impact: Actual, positive impactLocation in the value chain: Own operationsTime horizon:  Short-, medium-, and long- termNature of activity: Indirect involvement through business relationshipsDescription: Vestas’ political engagement has a positive impact, as it contributes to the clean energy transition by supporting policies aligned with the Paris Agreement’s goal of limiting global warming to 1.5°C. Through our political engagement, we contribute to policies that accelerate wind energy buildout, which enables a clean energy system that mitigates climate change, protects ecosystems, and improves air quality, thus impacting the natural environment positively.This impact supports our business model, as advancing the energy transition drives demand for wind energy and is key to our commercial success.  Insufficient market conditionsType of impact: Financial riskLocation in the value chain: DownstreamTime horizon:  Short-, medium-, and long-termDescription: Vestas’ financial performance depends partly on market conditions that support the profitable deployment of wind energy. These conditions are shaped by political and regu- latory developments. Insufficient progress on e.g. permitting, auction design, grid expansion, or the removal of barriers to electrification poses a financial risk to our business. Active poli- tical engagement promoting stable, predictable, and enabling market frameworks is therefore essential to mitigate this risk. G1-5 Political influence and lobbying activitiesAt Vestas, our political advocacy is aimed at accelerating the clean energy transition in alignment with the Paris Agreement’s goal of limiting global warming to 1.5°C. Our lobbying and advo-cacy activities focus on supporting policies, driving for example: • The acceleration of wind energy build-out.• The removal of permitting bottlenecks that delay renewable energy deployment.• The scaling up of grid capacity to accommodate renewable energy. • The establishment of auction frameworks that ensure sustainable supply chains while delivering affordable, secure, and clean electricity.• The upholding of established trade rules supports a level playing field in the wind industry.Our Public Affairs department is responsible for the oversight of political influence and lobbying activities, and the Head of Public Affairs controls the activities and ensures Executive Management Team and Board oversight through quarterly  reporting. This management system and monitoring process ensure that our policy engagement is aligned with the Paris Agreement, both for our direct lobbying activities and our trade associations. Where misalignments arise, we engage with the trade associa-tion to reach alignment within set timelines and ultimately leave the association if alignment cannot be achieved. The manage-ment system covers all jurisdictions where we have operations.The Head of Public Affairs is directly accountable to Senior Vice President of Marketing, Communications, Sustainability and Public Affairs, who in turn reports to the Chief Sales Of-ficer and ultimately to the CEO. No one in our administrative, management, or supervisory bodies held comparable positions within public administration within the last two years of the  reporting period. Vestas is registered in the EU Transparency Register under REG number 769186224869-06.Vestas is committed to not using corporate funds for donations that support political parties or individual politicians and has made no direct financial or in-kind political contributions in 2025, in line with our Employee Code of Conduct. The Public Affairs department estimates in-kind political con-tributions by recording all spending aligned with the principle of “non-financial support provided directly or indirectly to poli- tical parties or individual politicians”. See Metrics and targets for more information. MDR-P, G1-1 PoliciesVestas has policies to address the identification, assessment, management, and remediation of material impacts, risks, and opportunities (IROs) related to business conduct matters.  Our Business Ethics Policy sets the framework for responsible business conduct, including political engagement. The Employee Code of Conduct outlines the direction of our political engagement, stating that we seek to engage with poli- ticians to promote Vestas’ interests in renewable energy in a legal, ethical, and transparent manner, and that direct donations to politicians and political parties are prohibited. For more in-formation on these policies and alignment with MDR-Ps, see page 80.MDR-A Actions and resourcesVestas actively engages in policy dialogues to help address  inadequate market conditions and to advance the energy transi-tion through responsible advocacy and knowledge sharing.Shaping policy for the energy transitionIn 2025, we actively contributed to key policy dialogues on cli-mate and energy security. We advanced our priorities through direct engagement with policymakers, collaboration with trade associations, and participation in global and regional policy fora. In addition, we exercised thought leadership and advanced our policy positioning to shape the broader debate on the  energy transition. The expected outcomes are strengthened market conditions for wind energy, which can occur through e.g. improved auction design, reduced barriers to electrification,accelerated permitting, a level playing field, and the expansion of grid infrastructure. These actions are continuous but mate-rialise in the medium-to-long term, and the affected stake-holders primarily include policymakers. In terms of scope, the actions have a downstream impact on market conditions for wind energy deployment.MDR-T, MDR-M Metrics and targetsIn line with our policies, we seek to engage with governments and politicians to promote Vestas’ interests in renewables in a legal, ethical, and transparent manner.No targets or baseline are set related to political engagement, as the engagement is highly context dependent.We track the effectiveness of our policies and actions by moni-toring policy developments in areas where we have been active and by assessing the extent to which our positions are reflected in policy outcomes. We also track our political advocacy spend to ensure no direct contributions to politicians are made. While Vestas made no direct political contributions in 2025, we did make indirect financial contributions to intermediary organisations, primarily trade associations, that advocate for the acceleration of renewable energy and wind energy deploy-ment. This also included payments for external assistance from embassies and political consultancies. For further information about the scope and methods related to our political contribution metrics, see the Accounting policies below.  Accounting policies for G1– Political engagement Political contributionsVestas maintains records for both financial and in-kind political contributions.  ‘Financial political contributions’Financial political contributions can be direct or indirect.  Direct financial political contributions refer to financial support provided directly to political parties or individual politicians. Indirect financial political contributions entail financial support provided indirectly through an intermediary political organisation such as trade associations, political consultancies and embassies, supporting particular political causes. ‘In-kind political contributions’In-kind contributions are non-financial support provided directly or indirectly to political parties or individual politicians, such as consultancy services, advertising, use of facilities or donations of equipment. The classification of direct and indirect in-kind political contributions follows the same principles outlined for financial political contributions.G1-5Political contributions 2025 2024mEUR Financial In-kind Financial In-kindDirect 0 000Indirect 4.9 04.60  G1 – Business conduct Anti-corruption and briberySBM-3 Impacts, risks,  and opportunities   Risk of corruption and bribery Type of impact: Financial riskLocation in the value chain: Own operationsTime horizon:  Short-, medium-, and long-termDescription: As a global company operating across different  geographies, Vestas is inherently exposed to risks related to corruption and bribery. In 2025, these risks had no material  impact on our financial position, performance, or cash flow.  Nevertheless, we acknowledge that such risks could have a  significant financial impact should they materialise. Accordingly, we consider them relevant, and they have already influenced several business decisions, and our value chain (e.g., our due diligence systems), and informed our strategic priorities  – where compliance remains a core focus. However, the risk of corruption and bribery has not had any noticeable impact on our business model. G1-1, G1-3, G1-4, G1-GOV-1 Prevention and detection of corruption and briberyCompliance programmes and trainingVestas mitigates corruption and bribery risks through Global and Regional Compliance Programmes aligned with the UK Bribery Act 2010. The Programmes cover all of Vestas’ workforce, are updated annually, governed by our Code of Conduct and global policies, and rest on five pillars: Programme Governance, Learning &amp; Awareness, Culture &amp; Behaviour, Monitoring &amp;  Auditing, and EthicsLine. The Programmes outline Executive  &amp; Regional Management’s role in promoting a culture of com-pliance, establishing the ‘Tone at the Top’, with the Audit Com-mittee overseeing programme effectiveness. Training and awarenessThe Global and Regional Compliance Programmes define  Vestas’ Compliance training strategy, content, and delivery. Group Compliance supports the Regions in identifying target employee groups, selecting appropriate materials, and deter-mining delivery methods (online or in-person). Group Compliance and Regional Legal &amp; Compliance functions provide training on compliance topics, including anti-corruption and bribery. Managers are encouraged to use material developed by Group Compliance to discuss dilemmas during their manage-ment or team meetings. In 2025, both in-person and online training sessions were provided. The training addressed key  elements of the Code of Conduct and related policies, including donations, corporate credit card use, and EthicsLine.A risk-based approach defines the training audience amongst Vestas employees. Office employees and service technicians are considered most exposed to corruption and bribery risks due to frequent travel and interactions with external business partners. All office employees, service technicians and members of the Executive Management Team are required to