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Financial reports 

Vestas publishes its financial results four times a year through one annual report and three quarterly reports. The annual report is accompanied by a company announcement summing up the financial results for both fourth quarter and full year. You can see the dates for upcoming reports in the financial calendar. If you would like to receive Vestas' financial reports and other company announcements, you can subscribe via Vestas' news service.

Earnings call
On the day of the disclosure, Vestas will host an earnings call/ live audiocast with a presentation of the results by the CEO and CFO. The meeting will be held in English, and further details for the next upcoming earnings call can be found as soon as available via a link in the box to the right. The investor presentation will be uploaded approx. one hour before the meeting. 

Materials for download
The most recent financial report and related materials will be available in the box to the right after disclosure. Reports from previous quarters can be found in the archive below. NOTE: If you experience download errors, please try using another browser (this is a known issue with Internet Explorer). 

Interim financial report

- first quarter 2020

Aaudiocast - 

The following can be found here after disclosure: 

- Interim report first quarter 2020 (pdf)
- Investor presentation (pdf)
- Link to online version of the report


    Financial reports 2020

       Online version  Download pdf  Audiocast
    First quarter 2020
    5 May 2020
     Online version  Interim financial report
     Investor presentation    
    Second quarter 2020
    11 August 2020
    Third quarter 2020
    4 November 2020
    Annual report 2020


    Financial reports 2019

      Online version                        Download pdf                         Audiocast 
    First quarter 2019          
    8 May 2019
    Online version             Interim financial report
    Investor presentation

    Second quarter 2019
    15 August 2019
    Online version  Interim financial report
    Investor presentation 
    Third quarter 2019
    7 November 2019
    Online version Interim financial report
    Investor presentation
    Annual report 2019 
    5 February 2020
    Online version
    Shareholdder information 
    Annual report 2019
    Company announcement (incl. Q4 figures)
    Investor presentation 

    Financial reports 2018

      Online version   Download pdf Audiocast 
    First quarter 2018
    4 May 2018
     Online version  Interim financial report Q1 2018
     Investor presentation 

    Second quarter 2018
    15 August 2018
     Online version
     Shareholder information
     Interim financial report Q2 2018
     Investor presentation
    Third quarter 2018
    7 November 2018
     Online version  Interim financial report Q3 2018
     Investor presentation
    Annual report 2018
    7 February 2019
     Online version 
     Shareholder information
     Annual report
     Company announcement (incl. Q4 figures)
     Investor presentation

    Financial reports 2017

       Online version  Download pdf  Audiocast
    First quarter 2017
    5 May 2017
     Interim financial report
     Interim financial report
     Investor presentation
    Second quarter 2017
    17 August 2017
     Interim financial report
     Shareholder information
     Interim financial report
     Investor presentation
    Third quarter 2017
    9 November 2017
     Interim financial report Interim financial report
    Investor presentation
    Annual report 2017
    7 February 2018
     Annual report
     Shareholder information
    Annual report
    Investor presentation


    Financial reports 2016


    Online version

    Download pdf


    First quarter 2016
    29 April 2016


    Interim financial report
    Investor presentation
    Track record
    Second quarter 2016
    18 August 2016 
    Link Interim financial report
    Investor presentation 
    Shareholder information

    Third quarter 2016
    黄网站8 November 2016 

    Link  Interim financial report
    Investor presentation
    Annual report 2016
    8 February 2017
    Link  Annual report
    Investor presentation
    Company announcement (incl. Q4 figures)
    Shareholder information


    Long-term financial ambitions

    The wind power industry is maturing into a commercially viable, unsubsidised industry. On the global agenda is now an acute call for renewable energy to replace fossil fuels in the energy mix, and hence the growth potential is immense. There is furthermore a strong demand for technology that can improve energy efficiency and displace CO2 emissions created by conventional sources of electricity. With its global reach, scale, and leading technology, Vestas is well positioned to explore the unprecedented opportunities that the great growth potential and demand for innovation create.

    The company observes an industry, that despite moving towards the end of the transition period, still is highly competitive and impacted from current trade restrictions.

    Vestas’ long-term financial ambitions reflect the projected market conditions as well as the company’s strategy and priorities.   

    黄网站In the coming years, revenue in the Service segment is expected to grow faster than the market with an EBIT margin of approx. 24 percent.

    Long-term financial ambitions


    Grow faster than the market and be market leader in revenue

    EBIT margin

    At least 10 percent

    Free cash flow

    Positive each year


    黄网站Minimum 20 percent over the cycle

    Outlook 2020

    On 7 April 2020, Vestas suspended its financial guidance for 2020 as a consequence of insufficient visibility regarding the impact of the COVID-19 pandemic for the remainder of the year. Vestas will maintain the suspension of the outlook for 2020 and provide the market with updated guidance as soon as the company can assess the full-year results with reasonable confidence.

    According to Vestas’ current judgement, meeting the initial guidance on revenue and EBIT margin before special items is still possible. Further, with the current visibility, Vestas’ assessment for the year shows the following: For the Service segment, due to its predictable nature and more supply chain resilience, revenue growth and EBIT margin before special items for full year are expected to be unchanged from the initial guidance, i.e. approx. 7 percent and approx. 25 percent, respectively. Additionally, Vestas’ total investments*) are estimated to be below EUR 700m in 2020.

    Outlook 2020 (suspended)

    Current guidance

    Initial guidance

    黄网站Revenue (bnEUR)



    黄网站EBIT margin (%) before special items



    Total investments*) (mEUR)


    黄网站approx. 700

    *) Excl. investments in marketable securities and short-term financial investments

    Sustainability Reports (Statutory reports on CSR)

    Combined with Vestas annual report, the sustainability report constitutes Vestas’ ’Communication on Progress’ (COP) under the UN Global Compact. The report is framed around the UN Global Compact’s 10 principles for responsible business conduct in the areas of human rights, labour, environment, and anti-corruption.  

    This COP report is Vestas’ statutory report on CSR, ref. section 99a of the Danish Financial Statements Act.

    Sustainability report 2019 (pdf)

    Discover more about Sustainability at Vestas >


    Corporate social responsibility (CSR)
    - Danish Financial Statements Act 99a

    Statutory report 2019
    Statutory report 2018
    Statutory report 2017

    Disclaimer and cautionary statement

    黄网站This site contains forward-looking statements concerning Vestas’ financial condition, results of operations and business. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. 

    Forward-looking statements include, among other things, statements concerning Vestas’ potential exposure to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections, and assumptions. A number of factors that affect Vestas’ future operations and could cause Vestas’ results to differ materially from those expressed in the forward-looking statements included on this site, include (without limitation): (a) changes in demand for Vestas' products; (b) currency and interest rate fluctuations; (c) loss of market share and industry competition; (d) environmental and physical risks, including adverse weather conditions; (e) legislative, fiscal, and regulatory developments, including changes in tax or accounting policies; (f) economic and financial market conditions in various countries and regions; (g) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, and delays or advancements in the approval of projects; (h) ability to enforce patents; (i) product development risks; (j) cost of commodities; (k) customer credit risks; (l) supply of components; and (m) customer created delays affecting product installation, grid connections and other revenue-recognition factors. 

    All forward-looking statements contained on this site are expressly qualified by the cautionary statements contained or referenced to in this statement. Undue reliance should not be placed on forward-looking statements. Additional factors that may affect future results are contained in Vestas’ annual report for the year ended 31 December 2018 and these factors also should be considered. Each forward-looking statement speaks only as of the date the last financial report. Vestas does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information or future events other than as required by Danish law. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained on this site.

    Sustainability report 2019

    Download our Sustainability Report to find out which measures we took in 2019 to make Vestas and the world more sustainable.

    Read the report

    Governance reports

    Statutory report on corporate governance
    黄网站Pursuant to the Danish Financial Statements Act section 107b and the rules of Nasdaq Copenhagen, listed companies must state their position to the Committee’s recommendations by using the “comply or explain” principle.

    Vestas’ position with regard to each individual recommendation is described in Vestas’ statutory reports. It is specified in the recommendations on corporate governance that it is just as legitimate to explain a deviation from a specific recommendation as to comply with the recommendation. The key issue is to create transparency in the corporate governance of the company.

    Statutory report on corporate governance 2019 (pdf)

    Statutory report on gender distribution
    黄网站 Pursuant to the Danish Financial Statements Act section 99b Vestas prepares a statutory report on gender distribution.

    Statutory report on gender distribution 2019 (pdf)

    Capital Markets Days

    黄网站Vestas has held Capital Markets Days in 2014, 2016, and 2018. The slide decks for each of the presenters are available below. 

    Information regarding the next Capital Markets Day can be found here when the date has been disclosed. 


      Capital Markets Day 2018 in Copenhagen

      Subject Speaker
      Market outlook & strategy update Anders Runevad
      Group President & CEO
      Growing our industry-leading position Juan Araluce
      Executive Vice President & CSO
      North American market continues to be attractive Chris Brown
      President, Vestas North America
      Connecting future and legacy Anders Vedel
      Executive Vice President & CTO
      A competitive supply chain Jean-Marc Lechêne
      Executive Vice President & COO
      The leading service provider in a growing market Christian Venderby
      Group Senior Vice President, Global Service
      Creating a market leader in offshore wind Philippe Kavafyan, CEO, and Lars Krogsgaard,
      Co-CEO MHI Vestas Offshore Wind
      Financial update Marika Fredriksson
      Executive Vice President & CFO

      Capital Markets Day 2016 in London

      Subject Speaker
      Market outlook Anders Runevad
      Group President & Chief Executive Officer
      Well positioned to capture growth opportunities Juan Araluce
      Executive Vice President & Chief Sales Officer
      Ensuring Vestas' current and future competitiveness Anders Vedel
      Executive Vice President & Chief Technical Officer 
      Operational excellence contributes to lowering LCOE Jean-Marc Lechêne
      Executive Vice President & Chief Operations Officer
      Service: An increasingly important volume and value enabler Christian Venderby
      Group Senior Vice President, Global Service
      Strong financial performance delivered Marika Fredriksson
      Executive Vice President & Chief Financial Officer

      黄网站Capital Markets Day 2014 in Copenhagen

      Subject Speakers
      Introduction  Anders Runevad, Group President & CEO
      Marika Fredriksson, Executive Vice President & CFO
      Grow profitably in mature and emerging markets Juan Araluce
      Executive Vice President & CSO
      Capture full potential of the service business Christian Venderby
      Group Senior Vice President and Head of Service
      Reduce the Levelised Cost of Energy  Anders Vedel, Executive Vice President & CTO
      Jorge Magalhaes, Senior Vice President, Engineering Solutions
      Johnny Thomsen, Senior Vice President, Product Management 
      Improve operational excellence  Jean-Marc Lechêne, Executive Vice President & COO
      Albie Van Buel, Group Senior Vice President, Global Sourcing



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