Consensus as at 25 April 2022

Financials (mEUR)   Average High Low # est.   Average High Low # est.   Average High Low # est.   Average High Low # est.
    Q1 2022 Q1 2022 Q1 2022 Q1 2022   2022 2022 2022 2022   2023 2023 2023 2023   2024 2024 2024 2024
Total Revenue   2,251 2,527 1,934 20   15,528 16,096 15,035 20   16,330 18,292 14,624 20   17,388 21,299 13,701 20
Revenue, Power solutions   1,475 1,815 888 18   11,011 13,004 9,725 20   12,117 13,813 10,287 20   13,003 16,932 10,024 20
Revenue, Offshore   257 600 72 15   1,979 2,700 1,500 19   1,445 2,334 872 19   1,387 2,486 565 19
Revenue, Service   578 628 550 18   2,637 2,710 2,415 20   2,840 3,005 2,620 20   3,067 3,289 2,837 20
                                         
Gross profit   178 304 108 18   1,417 1,895 1,172 18   2,098 2,820 1,647 18   2,495 3,593 1,839 18
                                         
EBITDA before special items   104 251 -101 16   1,195 1,345 1,006 19   1,835 2,127 1,536 19   2,269 2,802 1,751 19
                                         
EBIT before special items   -91 36 -202 20   258 420 72 20   859 1,269 564 20   1,264 1,850 761 20
EBIT, WTG   -153 -24 -269 18   -108 99 -255 19   431 899 175 18   770 1,446 298 18
EBIT, Service   139 157 126 19   652 677 613 20   704 745 653 19   764 826 683 19
Not allocated   -78 -56 -100 17   -304 -205 -336 18   -309 -204 -368 17   -318 -206 -430 17
                                         
Special items   -93     3   -93     3                    
                                         
Income from JV and associates   9 15 1 19   37 60 5 19   40 70 6 19   44 86 6 19
Net financials   -18 -3 -26 20   -74 -20 -104 20   -73 -20 -108 20   -71 -20 -105 20
Profit before tax   -113 16 -422 20   204 367 -75 20   825 1,340 499 20   1,232 1,934 701 20
                                         
Net profit   -89 12 -319 20   152 266 -56 20   618 1,041 374 20   922 1,498 526 20
                                         
Free Cash Flow             14 495 -585 19   767 1,577 166 19   868 1,930 400 19
Dividend per share             0.08 0.29 0.01 19   0.28 0.87 0.11 20   0.42 1.20 0.18 20
                                         
Onshore deliveries (MW)   1,925 2,471 1,298 18   14,142 16,522 12,837 20   14,772 16,759 12,451 19   15,914 18,970 12,078 19
Onshore order intake (MW)   2,384 2,879 1,900 19   14,053 15,831 11,720 18   15,484 18,205 12,697 16   16,402 20,026 12,874 16
Onshore order intake (mEUR)   2,029 2,418 1,494 18   12,059 13,500 9,669 17   12,936 15,493 10,423 15   13,322 15,493 9,012 15
                                         
Offshore deliveries (MW)   229 500 60 17   1,693 2,250 1,250 17   1,234 1,667 789 16   1,303 2,250 500 16
Offshore order intake (MW)   583 620 325 16   1,820 3,020 679 14   2,482 5,000 520 13   3,106 5,000 1,500 13
Offshore order intake (mEUR)   680 806 359 14   2,236 3,579 767 12   2,866 5,850 513 11   3,491 5,775 2,000 11

Disclaimer: The Consensus is based on the earnings projections made by analysts covering Vestas Wind Systems A/S and are theirs alone and do not represent opinions, forecasts or predictions of Vestas Wind Systems A/S. By disclosing the consensus information Vestas does not imply its endorsement of or concurrence with such information.